Home Workers US: Income Gap Widest Since 1917
US: Income Gap Widest Since 1917 Print E-mail

According to a much publicized study by University of California-Berkeley economist Emanuel Saez, the income gap in the USA between the rich and poor is at its greatest level since 1917.

Workers create all the wealth and the bosses take most of it. Photo by Franco Folini.The top 10 percent of Americans now receive nearly 50 percent of all income. According to Saez, “Indeed, the top decile share in 2007 is equal to 49.7 percent, a level higher than any other year since 1917 and even surpasses 1928, the peak of stock market bubble in the ‘roaring’ 1920s.”

Even further, the “super-rich” have benefited much more from recent economic growth. Saez goes on to explain: “Top 1 percent incomes grew at a much faster rate of 5.9 percent per year (implying a 122 percent growth over the fourteen year period). This implies that top 1 percent incomes captured half of the overall economic growth over the period 1993-2007.”

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