Economic Recovery and Increased Inequality

Pew Research documents how the wealthiest have benefited the most from the economic recovery from 2009 to 2011.

Update (May 5):  Les Leopold explains why this is no accident.

Update (May 12):  The United States is becoming more like the Third World.

Update (June 1):  The Federal Reserve Bank of St. Louis reports that the average household has only recovered half of lost wealth in real terms.

Update (June 3):  Erika Eichelberger has more about the Federal Reserve report.

Update (June 14):  I believe the New York Times is giving more detail on that same report from the Federal Reserve Bank of St. Louis.  Total household wealth has recovered since the beginning of the recession.  But average (mean) wealth is still down by 11 percent since the peak in 2007.  On the chart, that appears to be about half recovered from what was lost.  Note also that that average is $613,635 while the median household wealth is around one-sixth of that.

Update (August 25):  A Census report shows that while real household median income declined for the second year in 2011, the top quintile saw a gain.

Update (September 17):  The latest edition of the Census report above shows that real household median income in 2012 was not statistically different from 2011.  Nominal income declined for the fifth year.

Update (September 19):  Census reports on income and poverty data for individual states and cities.

Update (December 30):  A view of how share of total income has changed over 45 years.

Update (April 23, 2014):  The top 1 percent gained the most since 1979.

Update (December 24, 2014):  Another view of how income growth has changed during economic recoveries.  The dramatic change helps explain why many people feel like the country is still in a recession.

And Paul Waldman points out that Republicans aren't too keen on discussing the lack of income growth for most workers.