Business Report: The great American income gap - Hawaii News Now - KGMB and KHNL

Business Report: The great American income gap

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HONOLULU (HawaiiNewsNow) -

The New York Times published an op-ed piece called, "Our Broken Economy, in One Simple Chart."  This is not a timeline, it's an income line. Poorest on the left, wealthiest on the right. The lighter line shows what things were like in 1980; the red line shows 2014.

So: three decades ago, everybody's income was rising, but the middle class saw greater percentage growth than the wealthy – after dialing out inflation.
Now: income is actually falling slightly for the poorest among us, while rising many times inflation for the top 1%, with, as we've pointed out before, the top 1% of the top 1% growing richer way faster than people who are merely affluent.

What did this? One: Congress repeatedly cutting taxes on the wealthy. Two: stocks rising faster than wages. This benefits who get most of their income, not from paychecks, but from investments.

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