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These are driven by sharp increases in unemployment beyond the business cycle – one in six of American men between 25 and 54 is likely to be out of work even after the economy recovers – combined with dramatic rises in the share of income going to the top 1 percent (and even the top 0.01 percent) of the population and declining social mobility.
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Studies admit a small effect – a 0.5% drop in wages for every 1% rise in the share of migrants – in low-wage sectors.
We can expect to see a continued rise in the share of women in the top one per cent, and, perhaps, also in the top 0.1 per cent.
Divorce rates may have been accountable for a sharp rise in the share of men ages 15 to 64 living alone, to 34 percent, from 23 percent in 1970.
The 55-and-over category is the only one to see a rise in the share of population working during Mr Obama's tenure.
Many countries, including Britain, Canada, China, India and even egalitarian Sweden, have seen a rise in the share of national income taken by the top 1%.
A big driver of this is a steady rise in the share of the electorate who feel no great attachment to any of the parties.
First, from the new report, here are the income shares of the top 1 percent and the rest of the top quintile: There has been no rise in the share of the 81-99 group!
Richard Rogerson of Princeton University noted that the period over which turnover fell, from the early 1980s to the mid-2000s, coincided with a rise in the share of the population that worked.
But it may provide a solution to the puzzle of why the other studies don't show a further rise in the share of the one per cent since 1995: even within the one per cent, there is more inequality.
More recently, the shift has been overwhelmingly due to a rise in the share of income going to the very top the highest 1% of earners and above particularly those working in the financial sector.
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