So we are told, over and over from those at Occupy Wall Street and "progressives." But - is it true?
No. At least, not all the time.
Here is a fact that you might not have heard from the Occupy Wall Street crowd: The incomes at the top of the income distribution have fallen substantially over the past few years.
According to the most recent IRS data, between 2007 and 2009, the 99th percentile income (AGI, not inflation-adjusted) fell from $410,096 to $343,927. The 99.9th percentile income fell from $2,155,365 to $1,432,890. During the same period, median income fell from $32,879 to $32,396.
These recent numbers illustrate the broader phenomenon, discussed in this paper, that high-income households have riskier-than-average incomes.
Some do not understand what "risk and reward" means. It means that by taking greater risk, you can increase your income and wealth substantially. Yet, it also means that the same risk that can lead to enormous rewards can also lead to great drops in income and wealth.
The OWS crowd doesn't quite grasp that part - despite it being the truth.