Top 1% are 288 times richer than you!

September 13, 2012. A new post on hlntv.com covers the Economic Policy Institute’s recent release of the 12th edition of  The State of Working America. Taking up the measurement of income inequality, the article also mentions a report that FPI released December 2010, Grow Together of Pull Farther Apart? An excerpt from the article:

The idea of the 1% can get really complicated when you factor in various definitions of what qualifies members of that group. Data from one model from the Tax Policy Center in Washington, D.C., defined the top 1% in 2009 as those who made $503,086 or more.

The richest 1% of households in New York saw their share of income in the city jump from 12% in 1980 to 44% in 2007, according to a study by the Fiscal Policy Institute. New York houses a lot of executives, doctors, lawyers and managers in a variety of industries and increases in their incomes have contributed to the changing income inequality there.

There’s no doubt that economic disparity has become a huge problem in this country; the debate is over how to fix it. There’s a lot of anger and a lot of frustration out there, and creating opportunities for the 23 million Americans who are unemployed or underemployed would be a step in the right direction.

“Our history suggests it’s better to open the road to riches for those Americans than to raid the gold pot at the end of it,” wrote author Nina Easton, in the September 24, 2012 issue of Fortune Magazine.

Filed in: FPI in the News