Income Inequality

Income Inequality

Wages have fallen over the last decade and inequality has steadily gone up, according to a new study released on Tuesday by a group called Opportunity Nation. It’s the latest evidence of income inequality in America, a trend that Sen. Bernie Sanders has called both a moral and economic issue. You can see in this chart how the top 1 percent’s share of all income in the United States has soared.  In 2012, the top 1 percent took in 8.8 percent of all income. By 2012, that figure had soared to more than 22 percent. And it’s rising. “We have the most unequal distribution of wealth and income of any major country in the world,” Sanders said at a gathering of religious leaders he hosted last week in Vermont. “We have a moral responsibility to reduce the growing gap between the very rich and everyone else.”

Here are more of the sobering facts:

  • The richest 400 Americans own more than $2 trillion in wealth, more than the bottom 150 million Americans combined.
  • Over the past decade, the net worth of the top 400 billionaires in this country has doubled -- up by an astronomical $1 trillion in just 10 years. The top one percent owns more wealth than the bottom 90 percent.
  • The top 25 hedge fund managers made over $24 billion last year, enough to pay the salaries of more than 425,000 public school teachers.
  • Last year, Wall Street paid out $26.7 billion in bonuses – enough money to double the salaries of the 1 million workers in this country who make the minimum wage.
  • 95 percent of all new income created in this country since the Great Recession went to the top one percent.
  • Charles and David Koch, the second wealthiest family in the country, saw a $12 billion increase in its wealth since last year and are now worth $80 billion.
  • Casino magnate Sheldon Adelson, the eighth wealthiest person in the world, has a net worth of $38 billion, up $11.5 billion since last year.
  • The Walton family, the owner of Walmart, is now worth $148 billion – that’s more wealth than the bottom 40 percent.
  • There are 492 billionaires living in this country while 16 million kids are living in poverty.