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U.S. Incomes Fell Last Year - Except for the Rich, Of Course

U.S. Incomes Fell Last Year - Except for the Rich, Of Course
Wed, 4/8/2015
This article originally appeared on Agence France-Presse

Most Americans' incomes continued to fall last year, but the richest 20 percent saw theirs rise, a new Labor Department report showed last week.

In fresh data that adds fire to a growing debate overjimmy choo outlet income inequality, the department said that Americans on average saw income decline for the second straight year in the 12 months to June 2014.

The average pre-tax income fell 0.9 percent from the same periodchristian louboutin flat sandals 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 U.S. economic activity, rose 1.0 percent on average. The largest increase was an 11.3 percent rise in healthcare spending, which has climbed every year since 1996, to an average of $3,919. Housing citrec christian louboutin expenditures rose 2.0 percent to $17,377.

The new data added further evidence of the widening disparity between the rich and the rest of Americans, an issue that is stirring growing concerns as the economy strains to recover from the Great Recession caused in part by Wall Street excesses. Federal Reserve Chair Janet Yellen has repeatedly raised the issue.

Last Thursday, at a Fed conference on economic and social mobility in Washington, Yellen emphasized that "roughly 80 percent of Americans across the ideological spectrum see inequality as a moderately big or very big problem," according to her prepared remarks.

 

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Article Tabs

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Agriculture, the service economy, sexual exploitation, manufacturing, construction and domestic work drive today's enslavement around the world.

Thanks to the Electoral College, leftists have perhaps the final say this November over whether democracy can hold on for at least another four years, or if fascism will take root and infect all facets of the federal government for decades to come.

History shows there are no “one-day” dictatorships. When democracies fall, they typically fall completely.

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Posted 1 month 4 weeks ago

Thanks to the Electoral College, leftists have perhaps the final say this November over whether democracy can hold on for at least another four years, or if fascism will take root and infect all facets of the federal government for decades to come.

Posted 2 weeks 5 days ago

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Posted 1 month 1 week ago

Agriculture, the service economy, sexual exploitation, manufacturing, construction and domestic work drive today's enslavement around the world.

Posted 1 week 5 days ago

History shows there are no “one-day” dictatorships. When democracies fall, they typically fall completely.

Posted 3 weeks 12 hours ago

History shows there are no “one-day” dictatorships. When democracies fall, they typically fall completely.

Thanks to the Electoral College, leftists have perhaps the final say this November over whether democracy can hold on for at least another four years, or if fascism will take root and infect all facets of the federal government for decades to come.