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September 25, 2003

Income Gap Soared Since 1979

A new study by the Center for Budget Policy and Priorities shows that the economic "boom" existed only for the very wealthy-- for everyone else it was a tiny firecracker with an only marginal increase in income.

  • The CBO data show that between 1979 and 2000, the average after-tax income of the top one percent of the U.S. population tripled, rising by $576,000.
  • By contrast, between 1979 and 2000, the average after-tax income of the middle fifth of the population rose 15 percent — or $5,500 — to $41,900. (That's an annual increase in income of less than 1%).

    Posted by Nathan at September 25, 2003 08:50 AM