Fw: A Generation of Widening Inequality

[Padmini.Pa...@hsd.cccounty.us]

FYI, from the California Budget Project...




Padmini Parthasarathy, MPH
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padmini.pa...@hsd.cccounty.us

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----- Forwarded by Padmini Parthasarathy/PH/HSD/US on 11/01/2011 11:01 AM -----

From:        California Budget Project <c...@cbp.org>
To:        ppar...@hsd.cccounty.us
Date:        11/01/2011 10:44 AM
Subject:        A Generation of Widening Inequality
Sent by:        California Budget Project <californ...@cbp.ccsend.com>

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NOVEMBER 1, 2011 A Generation of Widening Inequality A new CBP report examines income trends in California and finds that the gap between the wealthy and the less well-off widened substantially during the past generation, mirroring a national trend. Inflation-adjusted average incomes of California's wealthiest have risen significantly over the past two decades, while incomes at the middle and low end of the income distribution have decreased. A Generation of Widening Inequality finds that:   Between 1987 and 2009, more than one-third of Californians' income gains went to just the wealthiest 1 percent, and almost three-quarters of the gains went to the top 10 percent. The bottom 90 percent received just over one-quarter of the growth in income during that period. The inflation-adjusted average income of the top 1 percent of Californians increased by one-half between 1987 and 2009 - from $778,000 to $1.2 million - while the average income for the bottom four-fifths declined. The average income of California's top 1 percent in 2009 was 33 times the average income of the state's middle fifth (about $35,000). California has the seventh widest income gap among the 50 states, with a gap wider than that of Texas and narrower than that of Alabama. The Los Angeles and San Francisco metropolitan areas have wider income gaps than most large US metropolitan areas, ranking third and seventh, respectively. Read A Generation of Widening Inequality here.

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