alt Hacker NewsThis is consistent with the observation that the top 10% have captured a disproportionate share of GDP growth over the past few decades.
https://equitablegrowth.org/new-data-reveal-how-u-s-economic...
"The past three economic expansions have largely benefitted the top 10 percent. In each, the top decile received between 47 percent and 59 percent of all income growth in the expansion."
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"Top 10%" is such a misleading slice here. The guy who's at the 9.99th percentile is a normal salaried worker not doing better. The gains are entirely concentrated in the tiny billionaire slice buried inside that 10%. In fact wage growth for the top decile has been recently slower than bottom deciles [1]. Incomes still grow fast in the top decile, but mostly due to assets. And those assets are disproportionately in the hands of the billionaire slice of that top decile.
[1] https://www.epi.org/publication/strong-wage-growth-for-low-w...
Every discussion about the 'top 10%' seems to make the underlying assumption that the set of people who fall under that category are consistent. While there are certainly individuals who enter the top 10% (or top 1%) and stay there; there are large numbers of people who move in and out of those categories.
For me personally, I am in the top 10%; but a few decades ago, I was not.
Aren't most of the tech workers here part of that 10% and I'd assume they own houses in some of the most expensive areas, so they are technically part of the capital class?
Also note: Labor share has declined similarly across OECD countries for several decades.
Automation, robots, software etc. they are all capital share.