In 2013 Emanuel Saez claimed that 95 percent of growth during the recovery from the Great Recession went to the top 1 percent. In reality though, the richest 1 percent of households saw their after-tax incomes decline by 27 percent from 2007 to 2011, the bottom 95 percent saw losses of only 1 or 2 percent. Therefore, contrary to the claims of some advocates, we should not abandon prow growth and innovation policies in favor of straight redistribution. By balancing innovation-centric policies with necessary reforms to strengthen the social safety net we can promote growth and provide support to the largest number of citizens.
