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"The incomes of the country's richest households climbed substantially over the past three decades, but middle and lower income households have seen only modest increases or actual declines after adjusting for inflation."
Realized capital gains were excluded. Study authors warned its "results show somewhat less inequality than would be the case" by including them.
Findings were bad enough. "Nationally, the richest fifth of households enjoyed larger average income gains in dollar terms each year ($2,550 inflation-adjusted) than the poorest fifth experienced during the entire (previous) three decades ($1,330)."
In the late 1970s, the America's richest fifth households had 5.2 times as much income as the poorest one-fifth. By the mid-2000s, it was 8.3 times. Disparity rises annually. It may now exceed 10 times. In another decade or less it could double today's level.
Socially destructive government policies bear full responsibility. Wealth and privilege alone matter. Ordinary households are sacrificed. Popular needs go begging.
Inequality is institutionalized. Around 100 million working age Americans are jobless. Most others are underemployed. Millions struggle to pay rent, service mortgages, cover medical bills, heat homes, and manage other daily expenses.
America's 1% has more wealth than the bottom 95%. Income inequality is greater than in almost all other developed countries. Chile, Mexico and Turkey alone rank higher.
Until the mid-1970s, younger generations outdid older ones financially. Wages rose in real terms. They no longer keep up with inflation.
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