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Richest 1 Percent of Americans Earns Biggest Share Since 1920s

September 11, 2013

WASHINGTON — The gulf between the richest 1 percent and the rest of America is the widest it’s been since the Roaring Twenties....

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icecream

Sep-13-13 1:12 AM

How many among you, the commentators, are among the 1% ???

If some of you are--then I'm fine with that...

If you are not, but comfortable--perhaps in the top 10%--that's fine also...

But if you are struggling financially, why on earth, do you defend the multimillionaire???

Just throwing my question out there to anyone who wishes to respond...

You interest me because you puzzle me...

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BurningUp07

Sep-11-13 9:57 PM

The moral of the story is some of the top 5 percent may have worked hard to get where they are but you will not become one of the 5 percent by working for the top 5 percent. Herein lies the crux of the matter.

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dyingov

Sep-11-13 7:07 PM

Take the budgets from the federal, state, county + county school board and city and divide each by the peeps living in each political entity and tell us what you come-up with? Then multiply that final number by 2 and you will have the tax liability of the US worker! A hint, it's more than the median income.....

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dyingov

Sep-11-13 6:56 PM

ragnar, How about we eliminate 77,800 pages of the 78,000 page tax code?

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UNCOMMONSENSE

Sep-11-13 6:43 PM

Since the former millionaires are now BILLIONAIRES as a result of moving all their manufacturing to third world factories, the consumers are in fact digging their own graves!

People whine and moan that there aren't any good jobs and they can't find anything made HERE yet they never seem to understand that THEY are the reason!!

How many low IQ consumers will be lined up out the door to get the latest Iphone made by communist slave girls??

Stupid is as stupid does

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Ragnar

Sep-11-13 6:05 PM

So what is the solution, then? Pass a law limiting the amount of income one can make? Implement NFL like revenue sharing? Make the top tax rate 99%?

Tens of millions of Americans do not work and, yet, receive tens of billions in benefits.

Tens of millions more DO work and still end up getting money BACK (vs. how much they pay in).

Tens of millions MORE pay very little in income taxes.

If you want equality, here it is. Slash government spending. Whatever revenue comes in this year must equal expenditures for next year.

Next, deduct corporate tax revenues and come up with a total for income tax/FICA. Divide this number by the total number of Americans of working age. This number is X.

If you are paying less than X, you are a moocher and you send in the difference on April 15th.

If you are paying MORE than X, you get a refund.

This way, everyone pays an equal amount in taxes.

Deal?

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sounder

Sep-11-13 2:55 PM

As if anyone or most of the residents of the Upper Ohio Valley ever had a first hand, personal view of what the sweet life can be like for that elusive 1% of the population which controls so much of the wealth in the U.S. At the moment, the mega yacht, M.V. "The Serene" is moored at Pier 90, all 440 feet, all $330 million dollars worth, flying the flag of the Cayman Islands, owned, wait--not by one of our 1% crowd but a very successful Russian with a world wide business headquartered in Riga, Latvia. The difference between the almost Gatsby like crowd of today versus those giddy days of the Roaring Twenties that were experienced by so few Americans? Wheeling in 1923 might have been getting to know their favorite bootlegger, Wheeling might have had full employment. Today the only full places in Wheeling are the lines going into Foodbanks or goverment offices looking for assistance. The real 1% of the super wealthy are far removed from the statistical averages of the American

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dyingov

Sep-11-13 2:05 PM

In other news:

Why do we allow these peeps to make such claims?

"There are checks at multiple levels," NSA Deputy Director John Inglis told Congress in July. "There are checks in terms of what an individual might be doing at any moment in time."

The same checks that protect Americans' personal data were also supposed to protect the NSA's information. Yet Snowden, a 29-year-old contractor, managed to walk out with flash drives full of the nation's most highly classified documents.

The NSA is still trying to figure out, in such a complex system, exactly how Snowden defeated those checks.

"I think we can say that they failed," Inglis said. "But we don't yet know where."

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dyingov

Sep-11-13 1:27 PM

hefner, "Many of the rich today are only paper rich relying on a very volatile stock market as their claim to fame."

I was just pointing out that the article is about 1%er's income. Wealth and income are not the same thing.

You could have zero income and be extremely wealthy and you could have a large income and have zero wealth!

Wraith, How do these ceo's have time to concern themselves with other companies, universities, etc? Running a company with 1.7 million employees surely takes all of your "work" time?

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Hefner

Sep-11-13 12:54 PM

@dyinggov: Is income not an element of wealth? I miss your point. If you don't think that the CEO of a company can't make or break the company, just look how Obama's lack of leadership is ruining our country ( same principle). @ragnar: Very well stated.

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daWraith

Sep-11-13 12:51 PM

Cowtransplant, the unemployment rate > 7% for 56 straight months, more jobs LOST than created, the smallest percentage of the labor force employed since the Carter disaster administration, black youth unemployment at historical 48% high, Middle class income declined almost $5000 in Obama's 56 months, ....

"Shambles" is being too nice.

I would call it a Udder Disaster!!

MOOOOOOooooooo!

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daWraith

Sep-11-13 12:48 PM

cowtransplant, YOU would lose a debate with a Mime!

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caltransplant

Sep-11-13 12:47 PM

Hefner, the economy is NOT in shambles, except in your demented mind. The only thing wrong with it results from the continued conc entration of wealth in the hands of a few, and the vulgar and ungodly pursuit of and obsession with wealth.

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daWraith

Sep-11-13 12:44 PM

Come on, Dying

1) Thompson just became CEO recently

2) his compensation is barely 0.04% of the company's Gross Sales.

If the CEO of the UNITED WAY, a non-profit charity with mostly volunteer labor gets $1 million salary, isn't the CEO of a $27 BILLION for-profit company worth $13 mil??

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caltransplant

Sep-11-13 12:39 PM

Ragnar, although I have not been authorized to do so, on behalf of all American "Marxists", allow me to extend the same invitation to you. BTW, although I disagree with your logic, you aren't worth the time I would waste debating you.

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dyingov

Sep-11-13 12:36 PM

The story talks about income not wealth....

"The top 1 percent of American households had pretax income above $394,000 last year. The top 10 percent had income exceeding $114,000."

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Hefner

Sep-11-13 12:26 PM

I only read the headline. Be reminded that it takes money to make money. Many of the rich today are only paper rich relying on a very volatile stock market as their claim to fame. Again, the stock market is an indicator of nothing. The economy is in shambles and unless the banks lighten up and start lending to some GOOD business start-ups or expanding businesses, things are only going to get worse.

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wvhoopie2

Sep-11-13 12:16 PM

If the top 1% income keeps going up and the !% make up the politicians and business that control the country I guess then you would say the other 99% are the workers or slaves toiling for the kingdom of the ruling class or Wall Street. The greatest growth was when everyone was sharing the pie. Another great AP article.

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wvhoopie2

Sep-11-13 11:44 AM

If 1% income keeps goes up and the !% make up the politicians that control the country . I guess then you would say the other 99% are the workers or slaves toiling for the kingdom of the ruling class or Wall Street. Notice the greatest growth was when everyone was sharing the pie. Another great AP article.

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mikeyd

Sep-11-13 9:30 AM

if the guy from McDonalds was any good he could surely come up with a burger that taste like beef.getting rich from selling crap is what this country has become.what's in the chinese hamburgers?

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dyingov

Sep-11-13 9:27 AM

Running such a huge company and you have time to do all that?

"Thompson is President and Chief Executive Officer of McDonald's Corporation, the world's largest foodservice company that serves nearly 68 million customers every day in 119 countries and employs more than 1.7 million people across the globe."

"A leader in the business community, Thompson serves on the board of directors for the McDonald's Corporation, Ronald McDonald House Charities, the Exelon Corporation, Northwestern Memorial Hospital and Purdue University. Thompson also serves as a member of Civic Committee of the Commercial Club, The Economic Club, World Business Chicago and the Brazier Foundation."

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dyingov

Sep-11-13 8:58 AM

I guess he's no genius......

"After years of outperforming its rivals, McDonald's has struggled recently amid intensifying competition at home and a persistently weak economy abroad. In October 2012, the company reported its first monthly sales decline since March 2003. In a recent conference call with analysts, Thompson said the company would return its focus on its Dollar Menu after efforts to shift customers to a slightly more expensive "Extra Value Menu" fell flat."

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dyingov

Sep-11-13 8:52 AM

Maybe we could evaluate someone (McDonalds CEO for instance) and see what they do that commands 13+ million dollars in compensation. $57,000 dollars per day in compensation, surely the results are from a genius in business!

I always find it interesting that many CEO types also sit on multiple board of directors for other companies! Do they have time to concern themselves with the operations of multiple companies! When do they have time to golf?

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idliketoknow

Sep-11-13 8:33 AM

Instead of working hard toward being a 1%'er, America has shifted to ******* and moaning about how unfair the world is and how they deserve more money for breathing air. Do everyone a favor and remove yourself from the gene pool.

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Gooseman

Sep-11-13 8:15 AM

Darn socialist, marxist, communist in the White House.

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