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New Study Exposes 2007 as the Year of the Super-Rich

In 2007, the year before the Great Recession began, America's super rich partied — as never before. The evidence? We look at the year's freshly crunched income numbers.

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In their place came the record inequality that the new Saez figures so dramatically document — and, over the last year, the worst economic times that Americans under 70 have ever seen.

subplug“We need to decide as a society whether this increase in income inequality is efficient and acceptable,” says Emmanuel Saez, reverting back to his customary eminently sober academic tone, “and, if not, what mix of institutional reforms should be developed to counter it.”

The rest of us can’t afford to be so understated. Those reforms, starting with higher progressive tax rates on high incomes, can’t begin too soon.

Sam Pizzigati is the editor of the online weekly Too Much, and an associate fellow at the Institute for Policy Studies.

 
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