Morality aside, this article points to the continued narrowing of the elite wealthy community.
It’s the economic statistic that spawned the Occupy protest movement (“We are the 99 percent”), reshaped President Obama’s domestic program (“middle-class economics”), and most recently led the eternal Republican presidential hopeful Mitt Romney to bemoan that “the rich have gotten richer.”
I am speaking of the income share of the richest 1 percent of American families. Emmanuel Saez, the economics professor who crunches these numbers based on data provided by the Internal Revenue Service, has just released preliminary estimates for 2013. The share of total income (excluding capital gains) going to the top 1 percent remains above one-sixth, at 17.5 percent. By this measure, the concentration of income among the richest Americans remains at levels last seen nearly a century ago.