Caption: The Occupy Wall Street movement, Liberty Park, NYC, October 10, 2011. Credit: Aaron Bauer

Rise in the 1 percent’s share of U.S. income due to financial, legal and medical sectors

Myths of the 1 percent: What puts people at the top?  Jonathan Rothwell  New York Times November 17, 2017

Almost all of the growth in top American earners has come from just three economic sectors: professional services, finance and insurance, and health care, groups that tend to benefit from regulatory barriers that shelter them from competition.

Others are noticing these trends. A new book, “The Captured Economy” by Brink Lindsey and Steven Teles, argues that regressive regulations — laws that benefit the rich — are a primary cause of the extraordinary income gains among elite professionals and financial managers in the United States and of a reduction in growth.  Read full story.

Also see  Understanding harmful economic systems., especially the section on obtaining income.

Caption:  The Occupy Wall Street movement, Liberty Park, NYC, October 10, 2011.  Being ‘too big to fail’ kept many large firms from bankruptcy, as they were bailed out of financial decisions that otherwise could have led to bankruptcy–which happened to many individuals caught in the financial crisis. Credit: Aaron Bauer

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