Wednesday, September 30, 2009

Recession pushes income gap between rich, poor to record

"The wealthiest 10% of Americans — those making more than $138,000 a year — earned 11.4 times the $12,000 or so made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio is an increase from 11.2 in 2007 and the previous high o11.22 in 2003."

"Household income declined across all groups, but more sharply for middle-income and poor Americans. Median income fell last year from $52,163 to $50,303, wiping out a decade's worth of gains to hit the lowest level since 1997. the median is the midpoint — half of households made more, half less."

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