Not since 1929, the year that marked the beginning of the Great Depression, has wealth in the U.S. been so heavily concentrated among the richest 1 percent of the population. This trend towards economic inequality increased sharply in 1970, and since that time there has been an enormous shift in the distribution of national income from the working class to the wealthiest Americans. For every consecutive year between 1970 and 2000, the annual incomes of the richest 10 percent of Americans have risen, without exception, while the annual incomes of the bottom 90 percent have declined. Even more startling, however, is that this income shift went almost entirely to the richest 5 percent (annual incomes of $178,000 and above), with the richest 1 percent (annual incomes ranging from $384,000 to $777,000) seeing the greatest increase compared to all other income groups. This trend is likely to grow by leaps and bounds during Bush’s second term in office.
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