The Daily Caller

The Daily Caller
U.S. President Barack Obama waves as he walks on the South Lawn of the White House in Washington before departing for Michigan April 2, 2014. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS) - RTR3JNQO U.S. President Barack Obama waves as he walks on the South Lawn of the White House in Washington before departing for Michigan April 2, 2014. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS) - RTR3JNQO  

Top one percent took in 95 percent of income gains during Obama’s recovery

The nation’s top one percent of income-earners took in 95 percent of the income gains since the Great Recession.

Despite President Obama’s highly-touted stimulus and other economic policies advertised as economic restorations, the administration has emboldened the very target of Obama’s most recent State of the Union speech: inequality.

“However, the gains were very uneven. Top 1% incomes grew by 31.4% while bottom 99% incomes grew only by 0.4% from 2009 to 2012. Hence, the top 1% captured 95% of the income gains in the first three years of the recovery,” according to a September 3, 2013 study by University of California-Berkeley’s Emmanuel Saez, which was cited in passing Monday by the New York Times.

“From 2009 to 2010, top 1% grew fast and then stagnated from 2010 to 2011. Bottom 99% stagnated both from 2009 to 2010 and from 2010 to 2011. In 2012, top 1% incomes increased sharply by 19.6% while bottom 99% incomes grew only by 1.0%. In sum, top 1% incomes are close to full recovery while bottom 99% incomes have hardly started to recover,” Saez wrote, using projected estimates for his 2012 numbers.

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