The first chart is a simple one, and it concerns the United States alone. It tracks the share of over-all income taken by the top ten per cent of households from 1910 to 2010. Broadly speaking, it’s centered on a U shape. Inequality climbed steeply in the Roaring Twenties, and then fell sharply in the decade and a half following the Great Crash of October, 1929. From the mid-forties to the mid-seventies, it stayed pretty stable, and then it took off, eventually topping the 1928 level in 2007. (The chart shows the share of the top decile falling back a bit after the financial crisis of 2007 to 2008. New figures for 2012 from Saez, which came out too late to be included in Piketty’s book, show the line hitting another new high, of more than fifty per cent.)

Reagan was elected in 1980. Look how things suddenly changed under Republican rule for the middle class. That is real, undeniable class warfare.

The first chart is a simple one, and it concerns the United States alone. It tracks the share of over-all income taken by the top ten per cent of households from 1910 to 2010. Broadly speaking, it’s centered on a U shape. Inequality climbed steeply in the Roaring Twenties, and then fell sharply in the decade and a half following the Great Crash of October, 1929. From the mid-forties to the mid-seventies, it stayed pretty stable, and then it took off, eventually topping the 1928 level in 2007. (The chart shows the share of the top decile falling back a bit after the financial crisis of 2007 to 2008. New figures for 2012 from Saez, which came out too late to be included in Piketty’s book, show the line hitting another new high, of more than fifty per cent.)

Reagan was elected in 1980. Look how things suddenly changed under Republican rule for the middle class. That is real, undeniable class warfare.

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Truth. Politics. Vice. Humor. Yankee pinstripes by birth. Philosophical INFP. NYC.
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