WSJ loves OWS

It seems that the Wall Street Journal, or Arthur C. Brooks, in any case, agree on rising income inequality in America. David Brooks, in The Spirit of Enterprise, quotes Arthur C. Brooks and Fairness and the ‘Occupy’ movement, who quotes Jim Pethokoukis and Study: Income inequality in America is overstated, who quotes a study by Robert J Gordon, Misperceptions About the Magnitude and Timing of Changes in American Income Inequality. The paper’s opening sentence, quoting the author himself and another of his papers co-written with Ian Dew-Becker, states, “The evidence is incontrovertible that American income inequality has increased in the United States since the 1970s.” He states that all rise in income inequality between the top 10% and the bottom 90% had occurred by 1993, and that since then “all of the increase in inequality after 1993 occurred in the top 1 percent group.” He continues, “whereas the top 1 percent wage income share more than doubled from 5.3 percent in 1966 to 12.3 percent in 2000, the top 0.1 percent wage income share rose by a factor of more than six from 0.6 percent in 1966 to 4.1 percent in 2000.”