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According to a new study by the Congressional Budget Office, the income inequality gap has widened significantly over the last 30 years.

The study shows that top 1 percent of earners doubled their share of the nation’s income over the past three decades, while those in the bottom half saw their incomes decrease.

The New York Times reports:

The share of after-tax household income for the top 1 percent of the population more than doubled, climbing to 17 percent in 2007 from nearly 8 percent in 1979.

The most affluent fifth of the population received 53 percent of after-tax household income in 2007, up from 43 percent in 1979. In other words, the after-tax income of the most affluent fifth exceeded the income of the other four-fifths of the population.

People in the lowest fifth of the population received about 5 percent of after-tax household income in 2007, down from 7 percent in 1979.

People in the middle three-fifths of the population saw their shares of after-tax income decline by 2 to 3 percentage points from 1979 to 2007.

These findings, which were ordered by Republican and Democratic senators on the Finance Committee are sure to bolster the claims of Occupy Wall Street protesters who are angry at the wealth inequality in the country.

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  • African Mami

    Unless the 1% holding onto the wealth vaults decide to open the floodgates and pump money into the economy, guess what the gap is going to keep getting wider and wider.

    • African Mami

      and best believe the 1% are Republican. You can bet that the economic recovery will not happen with the Democrat in office. The economics of this country is very much rooted in politics….watch and see.

  • entro

    The widening gap has been caused by outsourcing ,low wages,loss of manufacturing jobs in the U.S., tax breaks for the wealthy etc.
    All of this has been implemented by Corporate America. [email protected] mami I do not believe in trickle down economics it didnt work with Reagan, Bush Its only a theory used to get the rich richer, its premise being that if you give tax breaks to the rich(1%) they will then spend more money thus stimulating the economy.
    The reality is if the 99 had jobs with living wages (clinton era) they would be able to buy, they would be able to afford essentials as well as luxuries which in actuality stimulates the economy.
    As long as corporations are allowed to outsource without penalty and hire illegals to lower wages, without penalty the disparity will continue