Uncategorized

Rich have gotten richer, gap between rich and poor has grown

Newsday.com’s Saul Friedman from his column last Friday, “3.6 million older Americans living in poverty”:

Not surprisingly, between 2002 and 2007, the Census Bureau reported, the real median income declined across the population; white household incomes declined 2.6 percent to $55,530, blacks, 2.8 percent ($34,281), and Hispanics, 5.6 percent ($37,913). But the census found the rich were getting much richer.

The wealthiest 10 percent of Americans, earning more than $138,000 a year, made 11.4 times the income of those living in poverty, the highest disparity in years.

According to the nonpartisan Center for Budget and Policy Priorities, new IRS data shows that two-thirds of the nation’s total income gains from 2002 to 2007 went to the top 1 percent of American households.

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