Despite people occupying the streets, the rich are still making more money. It’s a damn shame.
From 1979 to 2007, average household income for the nation’s top 1% more than tripled, while middle-class incomes grew by less than 40%, according to a new report from a research arm of Congress. While those at the top have seen their incomes soar over the past three decades, middle-class and lower incomes have stagnated, the report by the Congressional Budget Office found.
“Over the past three decades, the distribution of income in the United States has become increasingly dispersed — in particular, the share of income accruing to high-income households has increased, whereas the share accruing to other households has declined,” the CBO said.
For the top 1% of the population, average inflation-adjusted household income grew by 275%. The rest of wealthiest fifth of the population, not including the top 1%, saw household income grow by 65% during that time, faster than the rest of the population, but “not nearly as fast as for the top 1%.”
For middle-class earners, it was a different story. Household income grew by just under 40% and the poorest fifth of the population saw their incomes rise by just 18% in a little less than 30 years, according to the study, which was based on IRS and Census data.
During that time, income ballooned at the top of the spectrum and government policy did less to redistribute wealth, the CBO found.
So, in other words, THAT’S why people are occupying Wall Street. The fact that the richest one percent has only seen its money triple over the last 30 years while the rest of us are barely making it. This country is a mess.