Income Gap Between Rich and Poor Increases

Hope Yen in USAToday in September 2009 reported the following:

• “The wealthiest 10% of Americans – those making more than $138,000 a year – earned 11.4 times the $12,000 or so made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio is an increase from 11.2 in 2007 and the previous high o[f ]11.22 in 2003.”
• “Median income fell last year from $52,163 to $50,303, wiping out a decade’s worth of gains to hit the lowest level since 1997. the median is the midpoint – half of households made more, half less.”
• Poverty increased to an 11-year high of 13.2%.
• “Income at the top 5% of households – those making $180,000 or more – was 3.58 times the median income, highest since 2006.”

To read the entire article, click on Recession pushes income gap between rich, poor to record.