Salvatore Babones: The economy is growing, but most workers are left behind
Important inequality update from Emmanuel Saez:
Top 1% incomes grew by 31.4% while bottom 99% incomes grew
only by 0.4% from 2009 to 2012. Hence, the top 1% captured 95% of the
income gains in the first three years of the recovery. From 2009 to
2010, top 1% grew fast and then stagnated from 2010 to 2011. Bottom 99%
stagnated both from 2009 to 2010 and from 2010 to 2011. In 2012, top 1%
incomes increased sharply by 19.6% while bottom 99% incomes grew only by
1.0%. In sum, top 1% incomes are close to full recovery while bottom
99% incomes have hardly started to recover.
94.4% of Crisis Aid Went to the Financial Sector; Surprise? Or Not?
Inquiring minds just might be asking “Where the hell did all the fiscal stimulus, financial aid, and monetary stimulus go?”
It’s a damn good question.
And I have the percentage answer for Spain (by Spain’s own admission). Results would be similar for any country you look at (including the US).
For example, every penny of QE went to Wall Street and distressed banks, not the average Joe on the street. Paying interest on reserves (then jacking up money supply so that reserves soared) was pure profit to the banks.
Via translation from El Blog Salmon please consider the financial sector took 94.4% of the public aid in 2011.
Read more at http://globaleconomicanalysis.blogspot.com/2013/09/944-of-crisis-financial-aid-went-to.html#0eDEaxk73OtCKf8x.99It’s a damn good question.
And I have the percentage answer for Spain (by Spain’s own admission). Results would be similar for any country you look at (including the US).
For example, every penny of QE went to Wall Street and distressed banks, not the average Joe on the street. Paying interest on reserves (then jacking up money supply so that reserves soared) was pure profit to the banks.
Via translation from El Blog Salmon please consider the financial sector took 94.4% of the public aid in 2011.
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