According to a report in the New York Times, income inequality in the US is reaching frightening levels.
Income inequality grew significantly in 2005, with the top 1 percent of Americans — those with incomes that year of more than $348,000 — receiving their largest share of national income since 1928, analysis of newly released tax data shows.
The top 10 percent, roughly those earning more than $100,000, also reached a level of income share not seen since before the Depression.
Perhaps the most frightening aspect is that while overall American income went up by almost 9 percent, income for 90 percent of Americans (that means you and I) went down.
Tell me how good the economy is again. Maybe Forbes can run an article touting how this is the “richest year in human history” while 90 percent of Americans (indeed the population of the world) see their incomes and their futures go down –oh wait, they already did that.
Read the full Times’ Report on Income Inequality.
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