Over the last 15 years, more than half of income growth was captured by the top 1% of incomes. (See A Billionaire Urges Us to Support His Coup | Notes from The Pondonome)
And the bottom keeps dropping.
Even at times of high unemployment in the past, wages have been very slow to fall; economists describe them as “sticky.” To an extent rarely seen in recessions since the Great Depression, wages for a swath of the labor force this time have taken a sharp and swift fall.
The only other downturn since the Depression to see similarly large wage cuts was the 1981-82 recession. But the latest downturn is already eclipsing that one. Unemployment has stood above 9% for 20 straight months—longer than the early 1980s stretch—and is likely to remain above that level for most of 2011, putting downward pressure on wages.
tip of the construction helmet to Daily Kos: American Dream Done: WSJ–Steep, Lasting Drop in Wages
Suggested new slogan for Republicans: thanks for the vote, suckers.