KausFiles

Did the Great Recession hammer the rich?

The recession‘s end will be good news for … Tim Noah! Noah’s got a new big book lamenting the rise in income inequality, and it looks like the Great Recession actually reduced inequality substantially, at least at the top. Inconvenient! In 2009 the income share of the top 1% actually fell precipitously to Clinton-era levels, according to the Tax Foundation. Lucky this post-2008 data didn’t get out until the book contracts had all been signed–and, more important, until the recession seemed to be ending, something that will probably drive the share of the top 1% back up again. … Pay no attention to that little dip in the chart …