household income follows a long period in which income concentration remained relatively flat. Using U.S. tax returns, economists Thomas Piketty and Emmanuel Saez found that income concentration dropped dramatically following both World Wars and was roughly unchanged for the next few decades (7). It started cli

e bulk of the population. The continuing prosperity of the wealthiest, on the other hand, will be magnified. Using detailed income data compiled by Emmanuel Saez, a Berkeley economist, Gordon calculated that from 1993 to 2008, the average growth in real household income was 1.3 percent per year. But for the

ries, as the rest of Europe grew, the city continued to shrink. Today in America we see this same type of concentration of wealth. . The economists Emmanuel Saez and Thomas Piketty found that 93 percent of the income gains from the 2009-10 recovery went to the top 1 percent of taxpayers. The top 0.01 percent