November 29, 2012 by David K. Sutton
Fact of the Day: Wealth And Income Inequality By The Numbers – EPI
According to the Economic Policy Institute (EPI) website (“The State of Working America“), “inequality has risen sharply over the last several decades.” In fact, the EPI reports that 38.3% of all wealth growth from 1983 to 2010 went to the top 1%, and 74.2% went to the top 5%. What happened to the bottom 60%? They saw their wealth decline.
On income, the picture is no less bleak.
Between 1979 and 2007, more of the growth in average income accrued to the top 1 percent than to the entire bottom 90 percent. Incomes for the top 1 percent grew 241 percent, compared to 11 percent for the bottom fifth and 19 percent for the middle fifth.
– Income Inequality, The State of Working America, Economic Policy Institute