Nearly all income growth going to the wealthy

Federal reports keep showing that the economy is growing, so why isn’t it being felt by most Americans? Because 93 percent of the income growth in 2010 went to the wealthiest 1 percent of American households, according to a new study by a University of California economist. “While never putting a premium on economic equality, America has always prided itself on being the pre-eminent land of economic opportunity,” columnist Harold Meyerson wrote. “If all of this nation’s wealth is captured by a narrow stratum of the very rich, however, that claim is relegated to history’s dustbin.”