What happened to the money?
…since the late 1970s, a greater and greater share of national income has gone to people at the top of the earnings ladder.
As late as 1976, the richest 1 percent of the country took home about 9 percent of the total national income. By 2006, they were pocketing more than 20 percent.
But the rich don’t spend as much of their income as the middle class and the poor do — after all, being rich means that you already have most of what you need. That’s why the concentration of income at the top can lead to a big shortfall in overall demand and send the economy into a tailspin.
‘It’s not coincidental that 1928 was the last time that the top 1 percent took home more than 20 percent of the nation’s income.’
Grrr… hoisting irrelevant issues, a generation of leaders have weakened America.