Income Inequality: Difference between revisions
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[https://www.citizen.org/wp-content/uploads/trade-and-income-inequality_0.pdf by PUBLICCITIZEN] | [https://www.citizen.org/wp-content/uploads/trade-and-income-inequality_0.pdf by PUBLICCITIZEN] | ||
U.S. income inequality has jumped to levels not seen since the pre-depression 1920s, as middleclass wages have stagnated while the incomes of the rich have surged. | U.S. income inequality has jumped to levels not seen since the pre-depression 1920s, as middleclass wages have stagnated while the incomes of the rich have surged. | ||
In 1979, the median | In 1979, the median | ||
weekly wage for U.S. workers in today’s dollars was about $749. In 2014, it had increased just | weekly wage for U.S. workers in today’s dollars was about $749. In 2014, it had increased just | ||
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early 1980s, and then rose even faster in the era of the North American Free Trade Agreement | early 1980s, and then rose even faster in the era of the North American Free Trade Agreement | ||
(NAFTA), the World Trade Organization (WTO) and NAFTA expansion pacts. | (NAFTA), the World Trade Organization (WTO) and NAFTA expansion pacts. | ||
=====Wage Inequality Continued to Increase in 2020===== | |||
[https://www.commondreams.org/views/2021/12/13/wage-inequality-continued-increase-2020 by Lawrence Mishel 13/12/21 Common Dreams] | |||
Newly available wage data from the Social Security Administration allow us to analyze wage trends for the top 1.0% and other very high earners as well as for the bottom 90% during 2020. The upward distribution of wages from the bottom 90% to the top 1.0% that was evident over the period from 1979 to 2019 was especially strong in the 2020 pandemic year, yielding historically high wage levels and shares of all wages for the top 1.0% and 0.1%. Correspondingly, the share of wages earned by the bottom 95% fell in 2020. | |||
