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NEWS ABOUT: income gap

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Marriage Rates Stable —for the Rich

Lower-income earners see much higher decline over decades

(Newser) - The institution of marriage is doing fine in America—for the wealthy, anyway. Marriage rates over the past 40 years have declined only a little for the top tenth of male earners, from 95% in 1970 to 83% today, according to a new report from the Brookings Institute. But for... More »

Americans See 'Strong' Class Warfare

It now out-ranks racial, generational conflict

(Newser) - The number of Americans who think the rich and poor are in serious conflict has exploded over the past two years, with a whopping 67% now rating conflicts between the classes as either "strong" or "very strong," according to a new Pew Research poll —a 19-point... More »

'Movin' On Up' in America? Not So Much, These Days

Studies reveal large mobility gap

(Newser) - The idea of "movin' on up" has long been an integral part of the American Dream, but a discouraging amount of research shows it's not as easy as it once was to elevate oneself from humble beginnings. In fact, America has less economic mobility than much of Western... More »

Congress Is Increasingly Richer Than You

Figures show widening wealth gap, and with it polarization

(Newser) - Before he ran for Congress in 1974, Gary Myers was a steel mill worker. His campaign set him back $33,000. Today, Myers’ seat is occupied by Mike Kelly, a wealthy car dealer who married into the Phillips oil fortune. His campaign cost $1.2 million. That contrast is emblematic... More »

Income Gap Widening Between Blacks, Whites

And that's particularly true in cities as blacks migrate

(Newser) - The income gap between black people and white people is growing, a divide that's most stark in cities, which affluent blacks are fleeing for the suburbs, according to new census data. The average white person earned 1.7 times more than the average black person last year, the widest... More »

We Are the 99%? Try 99.9%

GOP policies really favor richest thousandth of population: Paul Krugman

(Newser) - Occupy Wall Street’s “We are the 99%” slogan is a pretty good one, but if anything it “aims too low,” writes Paul Krugman in the New York Times . “A large fraction of the top 1%’s gains have actually gone to an even smaller group,... More »

Middle-Class Neighborhoods Dying Off

Stanford study says numbers have dropped sharply since 1970

(Newser) - A major new study from Stanford finds that America's middle class is shrinking in a big way, reports the New York Times . The researchers looked at 117 of the nation's biggest metropolitan areas and discovered that 44% of families live in areas defined as middle class, down from... More »

Older Americans Have 47 Times More Wealth Than the Young

Gap has widened in past 25 years: Pew

(Newser) - A new analysis by the Pew Research Center shows a widening age gap when it comes to wealth: In 2009, a typical household headed by an adult aged 65 or older had 47 times more net wealth than its counterpart headed by someone younger than 35. That’s a median... More »

Income of Top 1% Shot Up 275% Since 1979: CBO

And in the process more than doubled their share of all income

(Newser) - The top 1% of income earners saw their after-tax income shoot up a whopping 275% between 1979 and 2007, and in the process more than doubled their share of all income, jumping from 8% to 17%, according to a new report from the Congressional Budget Office . The rest of the... More »

Paycheck Data Dismal in 2010

...Unless you were a millionaire

(Newser) - The Social Security Administration quietly released payroll data for 2010 yesterday, and they were “in a word, awful,” writes David Cay Johnston at Reuters —assuming you’re not a millionaire, that is. The number of people making at least $1 million rose by 20%, jumping from 78,... More »

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

(Newser) - Thanks to the recession, the wealth gap between whites and minorities is at its widest level in 25 years. Census data show that the median wealth of white US households was $113,149 in 2009: That's 20 times that of black households ($5,677) and 18 times that of... More »

Executive Grandeur Fuels the Growing Income Gap

Execs represent a bigger share of top incomes than thought

(Newser) - Explaining the growing income gap in terms of percentages is easy. But things get murkier when it comes to defining who makes up that top .1% of earners who pull in a whopping 10% of the country's personal income. Or they did. Writing for the Washington Post , Peter Whoriskey... More »

Millionaires Have 39% of the World’s Money

Less than 1% of the world's population controls almost half of the money

(Newser) - If you're wondering where all your money has gone, odds are a millionaire added it to his or her pile. Although millionaires make up just 0.9% of the world's population, they control 39% of its wealth—up 2% since 2009—according to a report by Boston Consulting... More »

Dear Top 1%: Payback Is a ...

Richies are going to regret shafting everyone else: Stiglitz

(Newser) - Revolution is raging in the Middle East, in societies that all have one thing in common: 1% or less of their population controls the lion’s share of the wealth. “As we gaze out at the popular fervor in the streets, one question to ask ourselves is this: When... More »

US Is Worse Than Banana Republics

Yet somehow we need to give the rich tax breaks?

(Newser) - It’s tempting to say that the US now has a banana republic-level income inequality, but that’s not fair—to banana republics. “The truth is that Latin America has matured and become more equal,” writes Nicholas Kristof of the New York Times , even as the US has... More »

Quit Waffling, Obama, and Stand Up to Bazillionaires

The mega-rich are sucking America dry, pay less taxes than ever

(Newser) - The electorate may have little love for wealthy, would-be politicians like Meg Whitman, John Raese, and Linda McMahon, writes Frank Rich for the New York Times . But maybe they should: Whitman and Co. were at least trying to give back, unlike most obscenely wealthy folk. The top 1% of American... More »

Growing Income Gap Is Killing US

Steven Pearlstein: If all the spoils go to the few, it has real economic consequences

(Newser) - Plenty of time and space has been and will be devoted to figuring out why the income gap between the rich and poor has gotten so big in the US, writes Steven Pearlstein. Today, though, he focuses on the very real consequences: "Runaway inequality," he writes, "undermines... More »

Census Finds Record Gap Between Rich and Poor

Young people hit hardest

(AP) - The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession. The top-earning 20% of Americans—those making more than $100,000 each year—received 49.4% of all... More »

With Health Bill, Obama Ends the 'Age of Reagan'

Marks biggest assault on wealth inequality since the '80s

(Newser) - The health care reform bill was the government’s biggest attack on economic inequality in more than 30 years, a period of time that’s seen government policy and market forces consistently push the opposite direction. That’s why Barack Obama fought so hard for it, writes David Leonhardt for... More »

Women's Workplace Gains Likely to Outlast Recession

Long-term employment stats bound to reflect better academic performance

(Newser) - The recession has been kinder to women than to men, and the reason is well documented: the most affected industries are those with lots of male employees, like manufacturing and construction. But another factor is driving a more permanent change, writes Greg Burns: Overall, women earn more college degrees. By... More »

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