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The Top One Percent - 8/15/16

During a recent political convention, it was said that more than ninety percent of income gains in recent years have gone to the top one percent.  Recent data indicate that that’s not true, at least not anymore.  Still, the top one percent have done very well financially, so if you are looking for charitable causes, the top one percent in America should probably not be on the top of your list. 

According to University of California, Berkeley profession Emmanuel Saez, the top one percent captured fifty two percent of the income gains between two thousand and nine and twenty fifteen.  That means that the bottom ninety nine percent took home forty eight percent of the gains. 

As indicated by CNNMoney, the ninety percent figure comes from Saez’s earlier research covering the period from two thousand and nine to twenty twelve when the top one percent captured ninety one percent of the gains. 

Income gains have been spread more evenly since then, particularly because of significant job growth and accelerating wage gains.  If one analyzes the period from two thousand and seven to twenty fifteen, the top one percent captured forty four percent of the income gains.   

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.