Monday, August 17, 2009

Record Income Inequality in the US

And the fresh fuel keeps pouring onto the smoldering embers of our future; ignition is eminent.

According to a new paper published by a Professor Emmanuel Saez, from the University of California at Berkeley, income inequality in the United States is at an all-time high, surpassing even levels seen during the Great Depression.

In an echo of what I've been telling friends and family, Saez calculates that in 2007 the top 1 percent of American earners took home 6 percent of total U.S. wages, a figure that has nearly doubled since 2000. In addition, the top 10 % of American earners, Saez writes, pulled in 49.7 percent of total wages, a level that's "higher than any other year since 1917 and even surpasses 1928, the peak of stock market bubble in the 'roaring" 1920s.'"
Thanks to the Huffington Post for breaking this story.

Photo Courtesy of Flickr Creative Commons: jurvetson

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