Slate has an excellent multi-part series detailing the “The Great Divergence,” the growing income inequality in the United States.
A quote from the article:
“It’s generally understood that we live in a time of growing income inequality, but “the ordinary person is not really aware of how big it is,” Krugman told me. During the late 1980s and the late 1990s, the United States experienced two unprecedentedly long periods of sustained economic growth—the “seven fat years” and the ” long boom.” Yet from 1980 to 2005, more than 80 percent of total increase in Americans’ income went to the top 1 percent. Economic growth was more sluggish in the aughts, but the decade saw productivity increase by about 20 percent. Yet virtually none of the increase translated into wage growth at middle and lower incomes, an outcome that left many economists scratching their heads.”
Related Article: “Hellegers: American Income Inequality is the Cause of our Crisis”
Related Article: “Beautiful fractals and ugly inequality”
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