Recessions caused by banking crises are, history shows, especially difficult to recover from. Most of us have yet to recover from the 2007-2009 recession. Median household income – at $52,000 – is, incredibly, 4.7% lower than it was at the start of the economic recovery. (This calculation, and those that follow, correct for inflation.) Between 2009 and 2012, the last year for which data are available, income for the bottom 99% increased a mere 0.4%. But the 0.1% recovered just fine. Between 2009 and 2012, income for the top 0.1 percent rose 45%, from $4.4 million to $6.4 million. Most of this money went to corporate executives and financiers.
Posted on: Sat, 25 Jan 2014 22:05:45 +0000
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