Who Rules America — Wealth, Income and Power in the U.S.
July 13, 2010 — Prof. G. William Domhoff of the sociology department at the University of California, Santa Cruz has updated — as of July 2010 – his 2005 study on the wealth and income distributions in the United States, and how such distributions serve as “power indicators.”
Says Professor Domhoff, “The rising concentration of income can be seen in a special New York Times analysis of an Internal Revenue Service report on
income in 2004.”
“Although overall income had grown by 27% since 1979, 33% of the gains went to the top 1%. Meanwhile, the bottom 60% were making less: about 95 cents for each dollar they made in 1979. The next 20% - those between the 60th and 80th rungs of the income ladder — made $1.02 for each dollar they earned in 1979.”
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