Since 2014, the 99% saw the average income increase 4.7%, adjusted for inflation, but the 1% still saw their income grow by 7.7%. Wall Street Journal staffer Anna Louie Sussman breaks down these new figures from University of California-Berkeley economist Emmanuel Saez.
While the majority are finally seeing an earnest recovery from the Great Recession , it is still far behind the 1% who have captured 52% of income growth since the end of the recession in 2009. Here's how they have been able to pull so far ahead:
Economists typically point to a range of factors, such as technological change that automated routine work and rewarded the more educated, the decline of unions, and less redistributive tax policies. Interestingly, Mr. Saez also cites “changing social norms regarding pay inequality,” perhaps a suggestion that Americans simply got more comfortable with it.