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October 26, 2011

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Douglas Lain

This emphasis on the 1% may be a misstep and empirically invalid. What is counted as income here? How does this income relate to corporate profits or GNP? Check out what Andrew Kliman has to say about the current crisis, wages, and neoliberalism. http://www.marxisthumanistinitiative.org/cc2010/andrew-kliman

Mike Ballard

It's the wage system the makes these imbalances in wealth and political power occur. In Australia, it's not as extreme as in the land of the free wage-slaves. Here, you have something like 7% of the wealth controlled by 50% of the population while 45% goes to the top 10%. http://wobblytimes.blogspot.com/2009/03/blog-post.html

BenC42

Does the last chart represent the distribution of after tax income? To me it looks like in 2007 the highest quintile had 60% of the income (with 20% going to the Top 1%). The fourth quintile had 19%, the third quintile 12%, the second quintile 7%, and the bottom quintile around 2%. Am I reading this chart right?
The numbers written above the chart are different. It says the bottom quintile has 5% of the income. Which is correct?

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