In fact, income inequality has risen in nearly every state over the past three years. During that time, the rich saw their incomes grow, but everyone else actually saw them decline. The top 10 percent of earners now take home half the country’s income, the largest share ever recorded. The trend started in the 1970s, as the richest 20 percent saw incomes grow by $2,550 by the 2000s but the bottom 20 percent saw just $1,330. Growing income inequality has been fueled by misguided policy. Wall Street deregulation brought big profits, boosting the incomes of the 1 percent who clustered in finance. Changes in the tax code favored capital gains income, or money made through investment instead of through a salary, which boosted the incomes of the rich. And while social spending has helped to keep income inequality lower, the U.S. is set to cut $1.5 trillion in spending over the next decade. - See more at: classwarfareexists/watch-as-income-inequality-grows-in-the-us/#sthash.ozLCYNUM.dpuf
Posted on: Sun, 22 Sep 2013 04:32:49 +0000
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