David Cay Johnston:
We should expect this pattern of concentrated gains weighted toward the very top to continue unless we change our policies.
[Economist Emmanuel] Saez shows that the top one percent’s share of real income growth is increasing with each economic expansion and it matters not whether the president is a Democrat or Republican. The top one percent enjoyed 45 percent of Clinton-era income growth, 65 percent of Bush-era growth and 93 percent of Obama-era growth, though that is only through 2010.
While markets are a factor, I think the evidence makes clear that government policy is at the core of the differing fortunes of the vast majority and the super-rich.
When does the trickle-down start?
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