Income Inequality Has Risen In Nearly Every State Over The Last Three Decades
Think Progress reports:
Income inequality has grown in nearly every state in the country over the last three decades and continues to climb across the nation, according to new report from the Center on Budget and Policy Priorities and the Economic Policy Institute.
While a slow recovery from the Great Recession for middle- and low-income families has exacerbated income inequality in the short-term, government policies that are preferential to the wealthy and the long-term stagnation of wages have caused significant growth in the gap between the wealthiest 20 percent of Americans and the poorest fifth, the report found. Across the country, the richest 20 percent make eight times more than the average income of the bottom 20 percent, a ratio that didn’t exist in a single state 30 years ago:
In the United States as a whole, the poorest fifth of households had an average income of $20,510, while the top fifth had an average income of $164,490 — eight times as much. In 15 states, this top-to-bottom ratio exceeded 8.0. In the late 1970s, in contrast, no state had a top-to-bottom ratio exceeding 8.0.
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