Tuesday, April 12, 2011

Scott Winship busts some myths on inequality:
CBO says the top one percent's share was 17 percent in 2007 for after-tax income, up from 11 percent in 1989. Saez's estimate of the top one percent's share of wealth is 21 percent for 2000, 21 percent for 1990, and 22 percent for 1985. Edward Wolff's is 35 percent for 2007, up from 34 in 1983 (which I doubt is statistically different from 35 in this case). The top appears to have experienced income and wealth losses from 2007 to 2009 while the bottom experienced gains. Taken together, the top one percent's income share rose from 11-13 percent twenty-five years ago to 17-18 percent according to the most recent data. The top one percent's wealth share basically hasn't risen.
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