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David Cay Johnston reveals how the super-rich have pocketed the vast majority of the gains from the economic recovery, in his new column, “The Richest Get Richer:”

The aftermaths of the Great Recession and the Great Depression produced sharply different changes in U.S. incomes that tell us a lot about tax and economic policy.

The 1934 economic rebound was widely shared, with strong income gains for the vast majority, the bottom 90 percent.

In 2010, we saw the opposite as the vast majority lost ground.

National income gained overall in 2010, but all of the gains were among the top 10 percent. Even within those 15.6 million households, the gains were extraordinarily concentrated among the super-rich, the top one percent of the top one percent.

Just 15,600 super-rich households pocketed an astonishing 37 percent of the entire national gain.

The different results in 1934 and 2010 show how a major shift in federal policy hurts the vast majority and benefits the super-rich.

Official White House Photo by Tia Dufour

Three states that narrowly swung from Barack Obama in 2012 to Donald Trump in 2016 seem likely to swing back in 2020. Polling currently gives a consistent and solid lead to Democrat Joe Biden in Michigan, Pennsylvania, and Wisconsin.

Should Biden carry all three of these swing states and keep all of the states Hillary Clinton won in 2016, he will win an Electoral College majority and the presidency.

According to RealClear Politics' polling average, Biden currently enjoys a 4-point lead in Pennsylvania, a 6.4-point lead in Michigan, and a 6.7-point lead in Wisconsin.

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