An Unsung Service from Social Security

 

EPILawrence Mishel and Nicholas Finio, Earnings of the top 1.0 percent rebound strongly in the recovery, Economic Policy Institute Issue Brief, January 23, 2013.

And you thought the Social Security Administration only sends out checks! Social Security records — the wage and salary data employers report — have become a prime source of data on rising U.S. income inequality, and Economic Policy Institute researchers have just published an analysis of Social Security’s latest payroll numbers. Top 1 percent earnings did dip during the 2007-2009 downturn, the analysis shows. But top 1 percent earnings have since “rebounded rapidly,” up 8.2 percent from 2009 to 2011, after inflation. In that same span, earnings for America’s bottom 90 percent dropped 1.2 percent.

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