In describing the tremendous rise in the share of US income
growth accruing to the richest .1% of income recipients between
2000 and 2010, Piketty reports that
"Recent research , based on matching declared income on tax
returns with corporate compensation records, allows me to
state that the vast majority (60 to 70 percent, depending on
what definitions one chooses) of the top 0.1 percent of the
income hierarchy in 2000– 2010 consists of top managers. By
comparison , athletes, actors, and artists of all kinds make
up less than 5 percent of this group. In this sense, the
new US inequality has much more to do with the advent of
'supermanagers'” than with that of 'superstars.'”
In 2001, that fraudulent hack Martin Feldstein argued in the
New York Times that
“Why there has been increasing inequality in this country is one of
the big puzzles in our field and has absorbed a lot of intellectual
effort.” But, this effort has apparently been wasted, since he
goes on to say, “But if you ask me whether we should worry about
the fact that some people on Wall Street and basketball players
are making a lot of money, I say no.”
I guess Feldstein never was too good with numbers, given his bullshit
"work" on the harmful impact of social security on capital formation.
No wonder Piketty said that US economists know nothing about anything.
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