24 September 2013

America’s income inequality is growing again. Time to cut subsidies to the rich and invest in the young.

America’s income inequality is growing again. Time to cut subsidies to the rich and invest in the young.

From The Economist: A BARRAGE of new statistics on American living standards offers some grounds for optimism. A typical American household’s income has stopped falling for the first time in five years, and the poverty rate has stopped rising. At last, it seems, the expansion is strong enough at least to stabilise ordinary people’s incomes.

But the main message is a grim one. Most of the growth is going to an extraordinarily small share of the population: 95% of the gains from the recovery have gone to the richest 1% of people, whose share of overall income is once again close to its highest level in a century. The most unequal country in the rich world is thus becoming even more so.

Read the full story at The Economist

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