Income Inequality Of The United States

2013 Words9 Pages
A deafening and persistent roar reverberates against the glass walls, around the stone columns and through the rows of American flags, which billow above the financial hub of the United States. A sea of tens of thousands of American citizens begins below the iconic black and white sign that reads “Wall St”, and extends beyond the end of the block, filling each and every square inch of space in-between. Over and over again, in unison, they chant “We are the ninety-nine percent!” and collectively form a voice that is heard not just throughout the stock exchange, or the city of New York, but throughout the entire country and the world. Occupy Wall Street was a movement that brought together members of the “99%” — the bottom ninety-nine…show more content…
taxpayers grew by 18.9 percent. Simultaneously, the average income of the top 1 percent grew over 10 times as much—by 200.5 percent. Those in the top 1 percent of households doubled their share of pretax income from 1979 to 2007; the bottom 80 percent saw their share fall. Worse, as the average real income for the top 1% more than tripled, the bottom 80% saw only feeble income growth, on the order of just 205 over nearly 30 years. After incomes at all levels declined as a result of the Great Recession, lopsided income growth has reemerged at higher rates since the recovery began in 2009. University of California, Berkeley economist, Emmanuel Saez estimated that from the first year of the recovery in 2009 to 2012, the top one percent captured an alarming 95% of all income growth; this suggests that the bottom 99% of earners -- which encompasses all of the middle class, the group harmed most by the recession -- hardly saw any recovery during the first three recovery years. In 2012, the top 1% of United States earners collected a record 19.3% share of total household income, surpassing the previous mark of 18.7% in 1927. The level of income inequality in the United States has reached new record levels domestically; relative to other nation’s income inequality level, the United States still rates poorly. According the World Bank’s GINI index, which measures how much an economy deviates from perfectly equal
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