The Story of American Inequality
Posted at 1:30 p.m. on Sept. 17, 2013
Ryan Avent sees the story of American inequality in new figures released by the Census Bureau.
“From the 1970s to the late 1990s inequality grew because the incomes of the rich were growing much faster than the incomes of those at the median and below—but incomes at the median and below were growing. Since the late 1990s, however, incomes across the income spectrum have stagnated and declined, from the 10th percentile right on up to the 95th.”
“There is good reason to believe that those at the top will soon attain new real income highs. Meanwhile the real incomes of the bottom 90% fell 12% from 2007 to 2009…then fell 2% from 2009 to 2012… It is disconcerting enough when the income share of the superrich marches inexorably higher. When it does so amid an overall picture of income stagnation that is very bad news indeed.”