On Apr 15, 10:27=A0am, Jerry Kraus <jkraus_1...@[EMAIL PROTECTED]
> wrote:
> http://emlab.berkeley.edu/users/saez/berkeleysympo2.pdf
>
> "Figure 2, Panel A plots the top 1% income share in France and the
> United States since 1913.20 The patterns are strikingly parallel from
> the beginning of the century up to the 1970s. The shares were very
> high, around 18-20% in both countries, at the eve of the first World
> War.21 The top 1% share is highest in the United States in 1929, at
> the onset of the Great Depression. The top 1% income share falls in
> both countries during the Great Depression, and especially during
> World War II. The fall during World War II is more pronounced in
> France, which suffered much more directly from the shock of the war
> than the United States.By the end of World War II, top 1% income
> shares are around 11% in the United States and 9% in France, about
> only 50% of their pre-World War I level. Strikingly, in the prosperous
> years and decades following World War II, top income shares do not
> come back to their high levels of the pre-war period, but remain
> relatively stable in France or decrease further (and =A0slowly) in the
> United States. In the 1970s, the top 1% income share is around 8% in
> both countries. The pattern of top income shares in the two countries
> displays a striking contrast over the last 25 years. While the top 1%
> income share in France has remained stable around 8% up to year 1998,
> the top 1% income share has increased dramatically and is around 17%
> in 2000, almost as high as in 1913."
>
> We have entered a new "guilded age" in the U.S. with huge income
> disparities. =A0 As a direct consequence, we are entering a new
> Depression.
Actually, that's "gilded age", not "guilded age". Sorry about that.
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