Latest Government Figures: The Rich Got Richer And Everyone Else Got Poorer Last Year

by
April 3, 2015

obamarecessionMost Americans’ incomes continued to fall last year, but the richest 20 percent saw theirs rise, a new Labor Department report showed Thursday.

The average pre-tax income fell 0.9 percent from the same period a year earlier, to $64,432.

But broken down into quintiles, those in the top 20 percent of incomes saw their money stream grow by 0.9 percent to $166,048 on average.

Every other group lost ground, with the bottom 20 percent losing the most: their average income dropped 3.5 percent to $9,818.

Those losses came despite an economy that was picking up pace and generating well over 200,000 jobs a month last year.

While the majority of incomes fell, consumer spending, which accounts for about two-thirds of US economic activity, rose 1.0 percent on average…

  • David in MA

    “Latest Government Figures: The Rich Got Richer And Everyone Else Got Poorer Last Year”

    And it will continue as long as jobs are shipped overseas. This practice will become worse if obatchit gets to fast track ANY pacific trade agreement.

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