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Sunday, July 8, 2012

Distribution of wealth in 1770s... and today


The 99 Percent
From the Marketplace Wealth and Poverty Desk, Krissy Clark has some answers.

Krissy Clark: Back in the 1770s, in colonial America, nobody was using terms like the 1 percent or the 99.
But if they had, this is what they would have found, according to Jeffrey Williamson, a retired economics professor at Harvard.
Jeffrey Williamson: In 1774, the top 1 percent of households got 9.3 percent of income.
Compare that to America today, when the top 1 percent is bringing in about 20 percent of income. Nine percent, versus 20 percent. 
Demonstrators vs. Bankers

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