The income gap between the richest 1 percent and the rest of America last year reached the widest point since the Roaring Twenties.
The top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share since 1928. And the share held by the top 10 percent of earners last year reached a record 48.2 percent.
U.S. income inequality has been growing for almost three decades. But it grew again last year, according to an analysis of IRS figures dating to 1913 by economists at the University of California, Berkeley, the Paris School of Economics and Oxford University.Now, before I saunter off declaiming "And you know how the '20's ended," or something like that...well, we had a recession in 2008.The article points out that the wealthy were hard hit by the recession, but you know what? The income gap still got wider. The well-off got a recovery, the less well-off got crappy jobs with suppressed wages.
I humbly submit that all this has to do with the rents being too high and the wages being too low, but I feel like a broken record, so I'll just stop, already.