Earlier this month the Federal Reserve reported that the minimum wealth needed to qualify for the wealthiest 5% of American households fell from 2010 to 2013. The decline in the cutoff indicates that wealth gains occurred only among households wealthier than the most wealthy 5%.
The growth in the nation’s wealth from $55 trillion in 2009 to $81 trillion in 2014 tracks closely with the direction of change of other economic indicators since 2009.
For many American households most of their wealth is tied up in their homes. Nationally, the Case-Shiller home price index is up 13% from March 2009. The S&P 500 stock market index recently closed above 2000, up from its low of 677 in March 2009.
Chosen excerpts by Job Market Monitor. Read the whole story at The nation’s wealth recovers, but largely for those at the top | Pew Research Center.
Inequality in US – the top 20% of earners accounted for more than 80% of the rise in household income from 2008-2012
A recent article by Labor Department senior economist Aaron Cobet highlights the sharp disparity between the wealthiest and poorest Americans in the aftermath of the 2007-2009 recession. “While average income has returned to pre-recession levels, income gains have been distributed unevenly,” Mr. Cobet said. The economist mined Labor Department data to show that the top 20% of earners …Continue reading
These are the 10 states where income inequality has soared. 10. New York > Share of growth captured by the 1%: 67.6% > Real income growth 1979-2007: 60.5% (4th highest) > Income growth, bottom 99%: 22.2% (22nd highest) > Income growth, top 1%: 355.1% (3rd highest) 9. Florida > Share of growth captured by the … Continue reading
Income inequality appears to have grown in more than 2 in 3 metropolitan areas from 2005 to 2012, according to one rough measure, a new study finds. The study, released by the U.S. Conference of Mayors, explores how the Great Recession affected wages and income in hundreds of metropolitan statistical areas — population and economic hubs … Continue reading
Recent economic news has been encouraging. Gross domestic product (GDP) has grown for 10 straight quarters (growing by 4.1 percent at an annual rate in the third quarter of 2013), the economy has added private-sector jobs for 46 consecutive months and the housing market continues to strengthen. Despite the current economic recovery, the income inequality … Continue reading
John Steinbeck explained that the reason so many of this country’s working- and middle-class vote against their own economic interests is that “Americans are temporarily embarrassed millionaires in waiting.” Researchers at the University of Hannover in Germany have now released data that somewhat supports Steinbeck’s quip. The study measured actual income inequality and upward mobility … Continue reading
A new Fox New poll shows a possible disconnect between President Barack Obama and voters on what the president says will be the top priority for the rest of his term: reducing income inequality.Continue reading
Infographics on the distribution of wealth in America, highlighting both the inequality and the difference between our perception of inequality and the actual numbers. The reality is often not what we think it is. via Wealth Inequality in America – YouTube.
Since too much inequality can foment revolt and instability, the CIA regularly updates statistics on income distribution for countries around the world, including the U.S. Between 1997 and 2007, inequality in the U.S. grew by almost 10 percent, making it more unequal than Russia, infamous for its powerful oligarchs. The U.S. is not faring well … Continue reading
The middle class crisis — and its resulting income inequality — is the most important economic story of our time. There are a million ways to tell it, and here’s another: an annotated slide show, culled from the amazing 2012 edition of the State of Working America from EPI. Choosen excerpts by Job Market Monitor … Continue reading