The One Percenters Income Tripled In Last 30 Years
“An Occupy Wall Street protester refers to the majority of the population that has had to contend with limited economic and social opportunities while money continues to accrue to the very wealthiest citizens”
According to figures released this week by the Congressional Budget (CBO) Office, income for the wealthiest Americans has nearly tripled since 1979 while remaining relatively stable for the rest of the country. The numbers offer an alarming illustration of how wide the gap has grown between America’s richest citizens and everyone else.
For the richest 1 percent of Americans, their income rose a full 275 percent between 1979 and 2007. In that same time period, the poorest 20 percent of Americans income rose only 18 percent. (CBO findings)
Today, the 400 richest people in the country control more wealth than the bottom 50 percent of households and the U.S. ranks roughly alongside countries like Uganda, Cameroon, Ecuador and Rwanda terms of the gap between its poorest and wealthiest citizens. (Shocking isn’t it!)
The gap separating the richest 1 percent of Americans from the rest of the country has emerged as arguably the single most prominent rallying cry of the Occupt Wall Street movement, which began last month in New York City’s Zuccotti Park and has since expanded to hundreds of protests around the country and sister demonstrations across six continents.
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