Forbes,
How Income Inequality Is Damaging the U.S.
Frederick E. Allen
Former Staff
I am the Leadership Editor of Forbes.
a rising tide does not necessarily lift all ships. The Congressional Budget Office recently reported that between 1979 and 2007 the top 1% of households doubled their share of pretax income while the share of the bottom 80% fell. Then came the great recession.
Economists including David Moss of the Harvard Business School noticed that "the last time inequality rose to its current heights was in the late 1920s, just before a financial meltdown. . . . In 2010, Moss plotted inequality and bank failures since 1864 on the same graph; he found an eerily close fit."
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English: A chart demonstrating increases in the annual income of the top 1% of wealthy persons in the U.S. before economic crises. (Photo credit: Wikipedia) New research indicates that growing income inequality isn't just unpleasant; it is seriously hurting the U.S. economy. And economists are...
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