More confirmation that the extremely rich are getting richer and those without jobs are suffering even more.
In 2009 and 2010, the first year of the current “recovery,” the 1 percent captured 93 percent of U.S. income growth. Repeat: 93 percent of income growth went to the 1 percent.
Even the Wall Street Journal writes:
Forget two-speeds. It’s more like the 1 percent is in a fast lane and the rest are stalled in the parking lot.
Affirming the findings of the study, authored by Emmanuel Saez, Economic Policy Institute (EPI) President Lawrence Mishel adds that at the same time, those in the bottom 90 percent of the income scale have seen their wage share retreat to what it was in 2006—when it was the lowest in any year (dating back to 1937).
A big contributor to declining income is the nation’s historically high long-term unemployment, and a new report from the Center for Economic and Policy Research (CEPR) looks at how many of the millions of workers struggling with unemployment and under-employment are not being counted—yet are experiencing “significant and long-lasting loss of earnings, deterioration of skills, poverty and even higher rates of divorces and reduced physical and mental health.”
Under the standard measure of long-term unemployment, half of all unemployed African American men have been jobless for more than six months or longer, followed closely by roughly 49 percent of unemployed Asian men, African American women and Asian women, according to “Long-Term Hardship in the Labor Market.”
However, the report’s alternative measure (which includes discouraged workers, workers marginally attached to the workforce and workers who are part-time for economic reasons) shows that African American men are much more likely than other workers to experience long-term hardship. About 9 percent of all black men in the labor force, compared with 7 percent of black women, 5 percent of Latinas and 4 percent of Latino men had been unemployed for six months or longer in 2011.
Says John Schmitt, senior economist at the Center for Economic and Policy Research and a co-author of the report:
The recovery, which officially started in the summer of 2009, has provided almost no relief to those experiencing long-term hardship in the labor market.