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It sure is great to be in the top 1%, this week in the war on workers

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If you’ve been in the workforce since 1979, how much have your wages gone up? If you’re a little younger, how much have the wages for a job like yours gone up in those years? I bet it’s not 157.8%—unless, of course, you’re in the top 1%.

By contrast, wages for the bottom 90% grew by 23.9% between 1979 and 2018, according to an Economic Policy Institute analysis. The top 1% still lags one group, though, and that’s the top 0.1%, which saw its wages rise by 340.7% in those years.

This is economic inequality in action, and it’s reshaped the economy. “The bottom 90% earned 69.8% of all earnings in 1979 but only 61.0% in 2018. In contrast the top 1.0% increased its share of earnings from 7.3% in 1979 to 13.3% in 2018, a near-doubling,” EPI’s Lawrence Mishel and Melat Kassa write. “The growth of wages for the top 0.1% is the major dynamic driving the top 1.0% earnings as the top 0.1% more than tripled its earnings share from 1.6% in 1979 to 5.1% in 2018.”

This article was originally published at Daily Kos on December 21, 2019. Reprinted with permission.

About the Author: Laura Clawson is a Daily Kos contributor at Daily Kos editor since December 2006. Full-time staff since 2011, currently assistant managing editor.

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