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Richard Eskow – Inequality’s Getting Worse. How Do We End This?

On July 1, at the start of the Independence Day weekend, we learned that income inequality in this country became even worse last year.

Economic inequality produces scars that last a lifetime – and even longer. That’s one reason why President Obama said in 2013 that “increasing inequality … challenges the very essence of who we are as a people.”

Well, that challenge just became even greater. Economist Emanuel Saez’s groundbreaking studies of inequality have helped reshape the political debate. In a July 1 publication, Saez found that the wealth gap between the top 1 percent and the remaining 99 percent became even worse in 2015. Earnings for the top 1 percent reached a “new high” that year. The 1 percent’s income increase of 7.7 percent was nearly twice everyone else’s.

Saez revisited several years of data and found that:

“(I)ncomes (adjusted for inflation) of the top 1 percent of families grew from $990,000 in 2009 to $1,360,000 in 2015, a growth of 37 percent … (while) the incomes of the bottom 99 percent of families grew only by 7.6 percent–from $45,300 in 2009 to $48,800 in 2015.”

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