Once again the rich are getting richer as the poor get poorer in America.Although rich people took a hit in the financial crisis, the stock market has recovered strongly.
Main Street has not: Median household income has fallen 10% since the beginning of the recession and unemployment has increased by nearly 5 percentage points.
Populist movements among Democrats and Republicans have finally put this issue in the spotlight. If you haven’t seen these charts, then prepare to have your mind blown.
The share of national income going to the top 1% has doubled since 1979. This chart really says it all.
The top 1% of Americans takes home over 20% of the income -- more than any time since the Roaring Twenties
The median household income has dropped over 10% since March of 2009. (During the same period the S&P500 is up over 80%.)
Despite the myth of social mobility, poor Americans have a slim chance of rising to the upper middle class
And then there are taxes... It's a great time to be rich in America because taxes on the highest earners are close to the lowest they've ever been
Now let's look at wages... While productivity has increased, inflation-adjusted wages have been flat for 50 years
While CEOs and shareholders have been cashing in, wages as a per cent of the economy have dropped to an all-time low
America's inequality rating has ticked higher in recent decades (0 = perfect equality; 1 = perfect inequality)
There's also a generation gap... The median net worth of people under 35 has dropped 68% since 1984, while seniors have gotten 42% richer
We won't even get into racial inequality, except to note that the average white America is worth 15 times as much as the average black American
Income inequality is highest -- no surprise -- around Wall Street. It is also high in the oil-rich Gulf states
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