The University of California professors of economics have created a web page, RealTime Inequality.
It tracks income growth from 1976 to the present, 2022. This is their findings: Severe Inequality --
Tracking pre-tax and pre-transfer income, what is called "factor " income or "market" income they found that:
The lower-earning 50% of U.…
The University of California professors of economics have created a web page, RealTime Inequality.
It tracks income growth from 1976 to the present, 2022. This is their findings: Severe Inequality --
Tracking pre-tax and pre-transfer income, what is called "factor " income or "market" income they found that:
The lower-earning 50% of U.S. households have seen their incomes grow by $3,700 over the 46 years, 1976 – 2022.
Households’ incomes in the lower 50 group grew from $16,700 to $20,400, up 22%.
The group from the 50th percentile to the 90th, a 40% group, grew their incomes by $29,600,
from $87,500 to $117,100, up by 34%.
The top 10% group saw incomes grow from $261,900 to $616,100, a gain of $354,000 or a multiple of 2.3 times, or 130%.
The top 1% group grew incomes from $783,000 to $2,600,000, or by $1,800,000, or by 3.3 times, or 234%.
That’s, an income increase of $3,700, or of $29,600, or of $354,000, or of $1,800,000.
Or another comparison is total income by group: $20,400 for 50% -- $117,000 for 40% -- 616,000 for 10% -- $2,600,000 for 1%.
It would take 130 years for the average household in the lower half to earn what the top 1% household earns in a year.
In 1976 the lower 90% earned 62.4% of all income, in 2022 they earned 47.9%, a drop of 14.5% of total income share, or a drop of $3.16 trillion. Divided among 117 million households, that comes to an income loss of $24,315 per family. --I write a blog, Economics Without Greed, Part Two, I'll post this info one of these days. It's important to attack this dysfunctional economy that is rigged. A good book is "The Making of a Democratic Economy" by Marjorie Kelly and Ted Howard.
If the ratios of 1976 were restored every household in the lower 90% could increase their income by more than $24,000 per year income.
Wow! Thank you so much for uncovering this web page for us, Ben. I just started reading the Hartmann Report so this might not be a new mention, but Scott Galloway's book Adrift: America in 100 Charts is very informative and easy to digest for those new to this concept. The peeling away of the onion layers of what the "party of Ronald Reagan" gave this country will be tough for a lot of people to accept. Having a multitude of communication tools will be so important.
The University of California professors of economics have created a web page, RealTime Inequality.
It tracks income growth from 1976 to the present, 2022. This is their findings: Severe Inequality --
Tracking pre-tax and pre-transfer income, what is called "factor " income or "market" income they found that:
The lower-earning 50% of U.S. households have seen their incomes grow by $3,700 over the 46 years, 1976 – 2022.
Households’ incomes in the lower 50 group grew from $16,700 to $20,400, up 22%.
The group from the 50th percentile to the 90th, a 40% group, grew their incomes by $29,600,
from $87,500 to $117,100, up by 34%.
The top 10% group saw incomes grow from $261,900 to $616,100, a gain of $354,000 or a multiple of 2.3 times, or 130%.
The top 1% group grew incomes from $783,000 to $2,600,000, or by $1,800,000, or by 3.3 times, or 234%.
That’s, an income increase of $3,700, or of $29,600, or of $354,000, or of $1,800,000.
Or another comparison is total income by group: $20,400 for 50% -- $117,000 for 40% -- 616,000 for 10% -- $2,600,000 for 1%.
It would take 130 years for the average household in the lower half to earn what the top 1% household earns in a year.
In 1976 the lower 90% earned 62.4% of all income, in 2022 they earned 47.9%, a drop of 14.5% of total income share, or a drop of $3.16 trillion. Divided among 117 million households, that comes to an income loss of $24,315 per family. --I write a blog, Economics Without Greed, Part Two, I'll post this info one of these days. It's important to attack this dysfunctional economy that is rigged. A good book is "The Making of a Democratic Economy" by Marjorie Kelly and Ted Howard.
If the ratios of 1976 were restored every household in the lower 90% could increase their income by more than $24,000 per year income.
Thanks Ben, Here's the link for that site: https://www.realtimeinequality.org
Wow! Thank you so much for uncovering this web page for us, Ben. I just started reading the Hartmann Report so this might not be a new mention, but Scott Galloway's book Adrift: America in 100 Charts is very informative and easy to digest for those new to this concept. The peeling away of the onion layers of what the "party of Ronald Reagan" gave this country will be tough for a lot of people to accept. Having a multitude of communication tools will be so important.
Galloway was interviewed at Pitchfork Economics, a recent interview. It's good. He's not as radical as I am, but who is?