How Mobile is the U.S. Economy?

Nearly 60 percent of taxpayers who were in the bottom-earning 20 percent in 1999 (earning less than $13,000) were in a higher income group in 2007 [$99,900+], while nearly 40 percent of taxpayers who were in the top 20 percent in 1999 (earning more than $68,000) moved down by 2007…

Income mobility is even greater among high-income earners… Roughly half of millionaires from 1999 to 2007 were millionaires in just one year in the nine-year time period. By contrast, only 6 percent were millionaires in all nine years.

Comments (6)

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  1. Ken says:

    Very good post. People need to know about this.

  2. Larry C. says:

    Agree with Tom. Very good post.

  3. Gary says:

    Seems to me that this mobility is what the left always wants to deny, although I don’t know why.

  4. Devon Herrick says:

    Progressives are fond of saying “the rich get richer…” These findings show the rich are far more apt to suffer peaks and dips. Wealth is like a roller coaster.

  5. Brian Williams. says:

    The only people that seem to be getting richer are government employees, as I learned from a previous John Goodman blog post:

    Devon is right. Wealth is like a roller coaster, at least for normal people…

  6. artk says:

    It’s an interesting report. One other result is the chart that shows the percent of total national income earned by the top 1% has increased from 10% to 25%. The rich are getting richer.