The Rich Are Rebounding Nicely, Thank You Very Much

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The wealthy took a big hit during the Great Recession, but have they recovered since then? In a word, yes. Emmanuel Saez updates his statistics for income gains among the rich and the rest:

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…It is likely that this uneven recovery has continued in 2011 as the stock market has continued to recover…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.

The chart below shows income gains among top earners. Even there, recovery has been uneven. Income rebounded nicely for the top 1%, but that’s about it. Even the merely well off, those with incomes over $100,000, gave back some of the small gains of the past couple of years. As with past recessions, the very richest took the steepest hit at first, but within a few years they’ll probably bounce back to even higher peaks than before. Mike Konczal has more here.

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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