The rich have gotten richer over the last three decades -- and the very rich have gotten very richer -- far outpacing the middle class, according to a new government study.
The huge disparity in income growth significantly has widened the gap between the rich and the middle class, a key focus of protesters on Wall Street, in Los Angeles and elsewhere.
The top 1% of households saw their after-tax household income grow by 275% from 1979 to 2007, more than quadruple the growth of the rest of the top 20% of the population during that period, according to the study by nonpartisan Congressional Budget Office.
Meanwhile, income for the 60% of households that make up the middle of the income scale increased by slightly less than 40%, the study found. The poor -- the 20% of the population with the lowest income -- saw just an 18% increase.
"As a result of that uneven income growth, the distribution of after-tax household income in the United States was substantially more unequal in 2007 than in 1979," the report said...
Full Article:
Income for the top 1% has soared over last three decades
Jim Puzzanghera
October 26, 2011
http://latimesblogs.latimes.com/money_co/2011/10/income-for-the-top-1-has-soared-over-past-three-decades.html
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