US Income Gap Widens

29 03 2007

Big surprise, thanks to the corporate fascist in the White House and the corporate whores in the Congress!  The idea that the concentration of wealth is in the fewest hands since 1928 (right before the Great Depression) is very scary.  Hard times coming, I think!

From the •New York Times Online•.

An excerpt:

March 29, 2007
Income Gap Is Widening, Data Shows
By DAVID CAY JOHNSTON

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.

While total reported income in the United States increased almost 9 percent in 2005, the most recent year for which such data is available, average incomes for those in the bottom 90 percent dipped slightly compared with the year before, dropping $172, or 0.6 percent.

The gains went largely to the top 1 percent, whose incomes rose to an average of more than $1.1 million each, an increase of more than $139,000, or about 14 percent.

The new data also shows that the top 300,000 Americans collectively enjoyed almost as much income as the bottom 150 million Americans. Per person, the top group received 440 times as much as the average person in the bottom half earned, nearly doubling the gap from 1980.

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