93% of all new income between 2009 & 2010 went to the top one percent.
2010: Recovering from the Great Recession
In 2010, average real income per family grew by 2.3% (Table 1) but the
gains were very uneven. Top 1% incomes grew by 11.6% while bottom 99%
incomes grew only by 0.2%. Hence, the top 1% captured 93% of the income
gains in the first year of recovery. Such an uneven recovery can help explain
the recent public demonstrations against inequality. It is likely that this uneven
recovery has continued in 2011 as the stock market has continued to recover.
National Accounts statistics show that corporate profits and dividends
distributed have grown strongly in 2011 while wage and salary accruals have
only grown only modestly. Unemployment and non-employment have
remained high in 2011.
This suggests that the Great Recession will only depress top income
shares temporarily and will not undo any of the dramatic increase in top
income shares that has taken place since the 1970s. Indeed, excluding
realized capital gains, the top decile share in 2010 is equal to 46.3%, higher
than in 2007 (Figure 1).
Looking further ahead, based on the US historical record, falls in
income concentration due to economic downturns are temporary unless
drastic regulation and tax policy changes are implemented and prevent
income concentration from bouncing back. Such policy changes took place
after the Great Depression during the New Deal and permanently reduced
income concentration until the 1970s (Figures 2, 3). In contrast, recent
downturns, such as the 2001 recession, lead to only very temporary drops in
income concentration (Figures 2, 3)
http://elsa.berkeley.edu/~saez/saez-UStopincomes-2010.pdf
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