Wealth Gap Is Greatest In 80 Years

Wealth Gap Is Greatest In 80 Years

wealth-gapBack in the day, there’d be a queen wearing giant head ornaments, beckoning to her minions to rub her feet and ignore the screams of the poor. These days, it’s pretty much the same.

There has never been a greater disparity between the rich and poor in the country than there is currently. The gap has literally more than tripled in the past three decades according to a report released June 25th. The new data shows the gaps in after-tax income between the 1 percent of the population and the middle and poorest parts of the population was the highest it’s been in 80 years.

That means that right after the Great Depression, when rich businessmen would go outside and stare at the breadlines and people who were batting hoops down the road with sticks and laugh into their brand new Ford automobiles then check on their oil wells to see if they’re still pumping ““ they still weren’t as separated as they are today.

That’s so weird to think about. The average household in the top 1 percent earned 1.5 million dollars after taxes in 2011, which is up 88,000 from the prior year. If the income had been distributed equally, people at the bottom rung would have 6,000 a year more than they had now.

And they don’t. Instead they have a hoop and a stick.