source2012:

Dodd-Frank. “Fat cat” populist rhetoric.  Voters have yet to judge whether these and other actions taken by Barack Obama against Wall Street are enough to sway their decision. But one thing has been clear all along this election cycle: Goldman Sachs, whose employees counted themselves in 2008 as Barack Obama’s top private financial supporter, have abandoned the president in droves for his re-election. 
(Source: Wall Street Journal, data via OpenSecrets.org)

Of course they’d contribute more to the candidate who appreciates the value they add to our economy, raking in huge illusory profits that fuel their conspicuous consumption. Hey, it adds more to GDP than some poor person just buying food.

source2012:

Dodd-Frank. “Fat cat” populist rhetoric.  Voters have yet to judge whether these and other actions taken by Barack Obama against Wall Street are enough to sway their decision. But one thing has been clear all along this election cycle: Goldman Sachs, whose employees counted themselves in 2008 as Barack Obama’s top private financial supporter, have abandoned the president in droves for his re-election. 

(Source: Wall Street Journal, data via OpenSecrets.org)


Of course they’d contribute more to the candidate who appreciates the value they add to our economy, raking in huge illusory profits that fuel their conspicuous consumption. Hey, it adds more to GDP than some poor person just buying food.

(via opensecretsdc)

theatlantic:

Happy Birthday Occupy! Income Inequality Is Still Getting Worse.

Occupy Wall Street may well have been the first global protest movement to rally around a statistic cribbed from an economics paper. So to mark its one year anniversary today, I thought I’d break out some of the latest numbers tracking U.S. inequality, courtesy of this month’s Census Bureau recent report on income, poverty, and health insurance coverage. 
From 2010 to 2011, the top 5 percent of U.S. households upped their share of the country’s income by 5.3 percent. The top 20 percent got a 1.6 percent bump. And while the country’s poorest saw their piece of the pie grow by a smidgen, the middle classes lost ground.

Read more. [Image: Jordan Weissmann]

Decades-long trends don’t change in a year, especially when no substantive policy changes have been made.

theatlantic:

Happy Birthday Occupy! Income Inequality Is Still Getting Worse.

Occupy Wall Street may well have been the first global protest movement to rally around a statistic cribbed from an economics paper. So to mark its one year anniversary today, I thought I’d break out some of the latest numbers tracking U.S. inequality, courtesy of this month’s Census Bureau recent report on income, poverty, and health insurance coverage. 

From 2010 to 2011, the top 5 percent of U.S. households upped their share of the country’s income by 5.3 percent. The top 20 percent got a 1.6 percent bump. And while the country’s poorest saw their piece of the pie grow by a smidgen, the middle classes lost ground.

Read more. [Image: Jordan Weissmann]

Decades-long trends don’t change in a year, especially when no substantive policy changes have been made.

(via kiplinger)

motherjones:

EXCLUSIVE: When he doesn’t know the camera’s rolling, Mitt Romney says what he really thinks about American voters.

Romney went on: “[M]y job is is not to worry about those people. I’ll never convince them they should take personal responsibility and care for their lives.”

kiplinger:

usnews:

Today’s Chart of the Day comes via the Congressional Budget Office

Queue Occupy chants … 

From the nonpartisan Congressional Budget Office.
The drop from 2008 to the present for the top 1% looks big but don’t feel bad for them. Overall their income has grown more than three times as much as it has for everyone else since 1979.

kiplinger:

usnews:

Today’s Chart of the Day comes via the Congressional Budget Office

Queue Occupy chants … 

From the nonpartisan Congressional Budget Office.

The drop from 2008 to the present for the top 1% looks big but don’t feel bad for them. Overall their income has grown more than three times as much as it has for everyone else since 1979.

To Have or Have Knot by Mr. Fish

To Have or Have Knot by Mr. Fish

Of course.
theatlantic:

The Rich Get Richer: 2010 Was a Very Good Year to Be in the 1%

During the Great Recession, the 1% absorbed half of total income losses between 2007 and 2009. But in the first year of the recovery, the top percentile won 93% of all income gains. For a while, it was fair to say that income inequality was decreasing. No longer.The rich are different from you and me, because they have more money. But they’re also different because their money has a tendency to yo-yo more dramatically between downturns and upswings. The 1% took more than half of all losses in the 2001 recession, and then two-thirds of the income gains in the recovery, according to updated research posted on Emmanuel Saez’s website today. Income volatility is apparently the price you pay for being worth a million dollars. As for this recession, Tim Noah puts it beautifully: This recovery has been a luxury item. For the bottom 99%, real income growth over the first two years of the recovery was one-fifth of one percent. The richest percentile saw its income rebound by 11.6%. It is only slightly sensational to point out that the 1%’s income has outgained the rest of the economy by a factor of 58 in the recovery.
Read more. [Image: Emmanuel Saez, et. al.]

Of course.

theatlantic:

The Rich Get Richer: 2010 Was a Very Good Year to Be in the 1%

During the Great Recession, the 1% absorbed half of total income losses between 2007 and 2009. But in the first year of the recovery, the top percentile won 93% of all income gains. For a while, it was fair to say that income inequality was decreasing. No longer.

The rich are different from you and me, because they have more money. But they’re also different because their money has a tendency to yo-yo more dramatically between downturns and upswings. The 1% took more than half of all losses in the 2001 recession, and then two-thirds of the income gains in the recovery, according to updated research posted on Emmanuel Saez’s website today. Income volatility is apparently the price you pay for being worth a million dollars. 

As for this recession, Tim Noah puts it beautifully: This recovery has been a luxury item. For the bottom 99%, real income growth over the first two years of the recovery was one-fifth of one percent. The richest percentile saw its income rebound by 11.6%. It is only slightly sensational to point out that the 1%’s income has outgained the rest of the economy by a factor of 58 in the recovery.

Read more. [Image: Emmanuel Saez, et. al.]

ilovecharts:

- Ben Greenman, via McSweeney’s