Economic Unfairness: Populism Needed

"The average after-tax income of the richest one percent of households rose from $722,000 in 2003 to $868,000 in 2004, after adjusting for inflation, a one-year increase of nearly $146,000, or 20 percent. This increase was the largest increase in 15 years, measured both in percentage terms and in real dollars. In contrast, the income of the middle fifth of the population rose $1,700, or 3.6 percent, to $48,400 in 2004. The income of the bottom fifth rose a scant $200 (or 1.4 percent) to $14,700."

"... Income is now more concentrated at the top of the income spectrum than in all but two years since the mid-1930s. This conclusion is reached by examining the CBO data in conjunction with data from a ground-breaking historical analysis of pre-tax income distribution trends published in a leading economics journal. When viewed together, the studies indicate that the top one percent of households now receive a larger share of the national pre-tax income than at any time since 1937, except for the years 1999 and 2000." -- Center on Budget and Policy Priorities