The Least, First

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Archive for October 12th, 2007

Income-Inequality Gap Widens

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According to an article in the Wall Street Journal, the richest Americans’ share of national income has hit a postwar record.

The wealthiest 1% of Americans earned 21.2% of all income in 2005, up sharply from 19% in 2004, while the bottom 50% earned 12.8% of all income, down from 13.4% in 2004. This according to new data from the Internal Revenue Service.

Jason Furman, a scholar at the Brookings Institution said, “We’ve had a 30-year trend of increasing inequality.”

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And how will that affect democracy? Whose interests will government seek to defend?

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Written by Monte

October 12, 2007 at 8:50 pm

Posted in Politics