Former US Treasury Secretary Larry Summers
Former Secretary of the Treasury and gifted face-maker Larry Summers has calculated how much more middle-class households would make if the United States enjoyed the same income distribution it had in 1979, and the results are startling. According to his calculations, households in the bottom 80% of incomes would be making another $11,000 a year, on average, if we had experienced the same economy of the last 35 years without the growth in inequality. Households in the top 1%, on the other hand, would get $750,000 less. If you’re having a hard time wrapping your head around those two numbers, NPR’s Planet Money podcast has produced a helpful graph. Scroll down to see the whole thing—like six screens down.
