Home From the Wires Recovery has mostly helped the rich

Recovery has mostly helped the rich

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Thursday, September 12, 2013

SFGate: Five years after Lehman Bros.' collapse, wealthier Americans have enjoyed the lion's share of economic recovery, while the poor and middle class continue to struggle.

For example, earnings of the top 1 percent (those families making more than $394,000 a year) commanded 95 percent of the income gains generated between 2009 and 2012. Their earnings grew by 31 percent in the period, compared with 0.4 percent for the less fortunate.

That's according to a study published last week by UC Berkeley economist Emmanuel Saez, whose finding in 2011 that income inequality in the United States is the widest since 1928 was highly publicized.

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