Another major omission is the failure to mention the role of recent policy. The Federal Reserve has held interest rates at very low levels. This has pushed up asset prices, including prices of most common stocks and bonds, adding greatly to the income of the top 1 and 5 percent of income recipients. This increases incomes at the top and expands the difference between top earners and everyone else. Of course, the rise in stock prices adds to the value of worker pensions, but we do not count that as income when we compare earned incomes.