Recovery for Whom?
U.S. income gap widest since 1928.
By Tyler Falk | September 11, 2013
Sure, the United States is in the midst of an economic recovery.
Between 2011 and 2012, incomes grew 4.6 percent.
But is the recovery equal across the economy? Nope.
It’s the wealthiest Americans benefitting the most, according to a new income analysis from the University of California.
According to the findings, as reported by the Associated Press, the top one percent of earners in the U.S. made 19.3 percent of household income last year, the largest income gap since 1928.
The top 10 percent made 48.2 percent of household income.
When it comes to economic recovery, the numbers are pretty one-sided.
In 2012, incomes of the top one percent increased 19.6 percent.
For the other 99 percent incomes only rose one percent.
As Emmanuel Saez, an economist at the University of California-Berkeley and author of the report, puts it: “In sum, top 1% incomes are close to full recovery while bottom 99% incomes have hardly started to recover.”
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