No I don't see the problem, we all got way wealthier. Percentage of total doesn't matter at all because "total" is fundamentally illiquid. In 1970, only 9.7% of Americans were high income. Now the figure is 34.1%. That's incredible. https://t.co/sggYdoI2Tx
During the recession of 2007–09, for example, the average wealth of the top 1 percent dropped by 16 percent; meanwhile the wealth of the bottom 99 percent dropped 47 percent. The statistics go on and on and are startling.9
This is borne out by the numbers. From 1990 to 2002, household income ranged from 64 percent of GDP to 72 percent of GDP. It peaked in 1992, before a tremendous bout of inflation in 1993 and 1994 brought it down, and then began a slow, erratic descent to 66 percent in 2002, after which time it plunged to under 50 percent of GDP, if the numbers can
... See morethe United States has roughly doubled its share of national income between 1980 and 2016. By 2017, the top 1 percent of Americans possessed almost twice as much wealth as the bottom 90 percent combined. While the most recent GPT proliferated across the economy, real wages for the median of Americans have remained flat for over thirty years, and the
... See morethe 400 wealthiest Americans took home an hourly “wage” of $97,000 in 2009 (the last year for which the IRS has provided data)10—a rate that has more than doubled since 1992.