‘We were shocked’: RAND study uncovers massive income shift to the top 1%

619FCEAA-CB5B-4A52-8D56-1C8D33922D68

The median worker should be making as much as $102,000 annually—if some $2.5 trillion wasn’t being “reverse distributed” every year away from the working class.

Just how far has the working class been left behind by the winner-take-all economy? A new analysis by the RAND Corporation examines what rising inequality has cost Americans in lost income—and the results are stunning.

A full-time worker whose taxable income is at the median—with half the population making more and half making less—now pulls in about $50,000 a year. Yet had the fruits of the nation’s economic output been shared over the past 45 years as broadly as they were from the end of World War II until the early 1970s, that worker would instead be making $92,000 to $102,000. (The exact figures vary slightly depending on how inflation is calculated.)

The findings, which land amid a global pandemic, help to illuminate the paradoxes of an economy in which so-called essential workers are struggling to make ends meet while the rich keep getting richer.

Continue reading… “‘We were shocked’: RAND study uncovers massive income shift to the top 1%”

0

How much money you have to earn to be considered rich in 42 major US cities

IMG_5853

How much money it takes to be “rich” varies from city to city.

About 20% of Americans are upper-income, or “rich,” meaning they earn at least two times the national median household income.

The amount of money it takes to be considered rich is largest in San Jose, California.

Continue reading… “How much money you have to earn to be considered rich in 42 major US cities”

0