Economic growth is not benefiting the masses, and inequality will sabotage any benefit to the few
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Congratulations, Californians. Your median hourly earnings have gone up by 1% since 1979, according to a new report from the California Budget & Policy Center. It might hurt that wealthy Californians have seen gains that are 40-times higher, but we’ve become accustomed to this sort of disconnect. Stocks rallied yesterday over news of revived trade talks, then slid this morning on weaker-than-expected jobs data. Sixty-nine percent of Americans say the state of their personal finances is the same or better than it was two years ago, and many are optimistic about the economy. And yet, and yet—that number for mid-wage Californians says a lot about where we are in the country as a whole. https://www.vanityfair.com/news/2019/09/the-rot-in-the-obama-trump-economy-is-beginning-to-stink economic progress is not seen by the majority eventually this will lead to disaster
Financially, middle-class households in the U.S. were better off in 2016 than in 2010. The median income of middle-class households increased from $74,015 in 2010 to $78,442 in 2016, by 6%. Upper-income households (where 19% of American adults live) fared better than the middle class, as their median income increased from $172,152 to $187,872, a gain of 9% over this period. Lower-income households (29% of adults) experienced an income gain of 5%, about the same as the middle class.
