“Today’s typical 30-year-old male (if he has a job) is earning the same as a 30-year-old male earned three decades ago, adjusted for inflation. (Although women are doing better than they did 30 years ago, their wages still trail men’s).
The bottom 90 percent of Americans now earn, on average, only about $280 more per year than they did thirty years ago. That’s less than a 1 percent gain over more than a third of a century. Families are doing somewhat better but that’s only because so many families now have to rely on two incomes.
But wait. The American economy is more than twice as large now as it was thirty years ago. So where did the money go? To the top. The richest 1 percent’s share of national GDP has doubled — from around 9 percent in 1977 to over 20 percent now. The richest one-tenth of 1 percent’s share has tripled. The 150,000 households that comprise the top one-tenth of one percent now earn as much as the bottom 120 million put together.”
Robert B. Reich, former Secretary of Labor under President Bill Clinton