Rich get richer, Part II | Arkansas Blog

Monday, August 28, 2006

Rich get richer, Part II

Posted By on Mon, Aug 28, 2006 at 5:48 AM

NY Times:

With the economy beginning to slow, the current expansion has a chance to become the first sustained period of economic growth since World War II that fails to offer a prolonged increase in real wages for most workers....

The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. ...

As a result, wages and salaries now make up the lowest share of the nation’s gross domestic product since the government began recording the data in 1947, while corporate profits have climbed to their highest share since the 1960’s....

At the very top of the income spectrum, many workers have continued to receive raises that outpace inflation, and the gains have been large enough to keep average income and consumer spending rising.

 


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