First, from the new report, here are the income shares of the top 1 percent and the rest of the top quintile:
There has been no rise in the share of the 81-99 group! It’s all about the top 1 percent. Second, even within the top 1 percent the gains are going mainly to a small minority. An earlier CBO report, using slightly different methods, looked inside the top 1 percent up through 2005. Here’s some of that data:
The big gains have gone to the top 0.1 percent.
So income inequality in America really is about oligarchs versus everyone else. When the Occupy Wall Street people talk about the 99 percent, they’re actually aiming too low...
I understand that some people find the notion that we’ve become an oligarchy — with all that implies about class relations — disturbing. But that’s the way it is.