Income Inequality Addendum

The CBO (Congressional Budget Office) just released a report showing growth in incomes and growth in income as a share of overall income.

This first one shows growth in income over the last 30 years among the various quintiles (each 20% of the income spectrum). The gains were as follows:

275% for the top 1 percent of households,
65 % for the rest of the top quintile
< 40% for the second, third, & fourth quintile
18 percent for the lowest quntile

So everyone's income grew, that's good, but here are the gains as a whole (taken from Krugman).

Not so pretty. Also, that top 1% could be broken down further. I like to think of this as market share. Basically there's a pool of something - customers, income to be had, etc. - and there are entities vying for control of that pool. Well, the 99% is losing out.