We Can't Grow the Gap Away

The shocking level of income inequality in this country has set off alarms that grow louder by the day, but little seems to be underway to reverse the trend.As a January International Monetary Fund paper that was officially released on Thursday points out:

“In the United States, the share of market income captured by the richest 10 percent surged from around 30 percent in 1980 to 48 percent by 2012, while the share of the richest 1 percent increased from 8 percent to 19 percent. Even more striking is the fourfold increase in the income share of the richest 0.1 percent, from 2.6 percent to 10.4 percent.”

In fact, a study published last year in The Journal of Economic Perspectives found that the share of income going to the top 1 percent in America was higher than in other developed countries.

Full article of The New York Times here