Municipal Government

Top 1% Took All Income Growth in 15 States, Study Says

July 4, 2016
By Steven Wishnia and Neal Tepel

Washington, DC – All of the income growth in 15 states between 2009 and 2013 went to the richest 1% of residents, according to a study released June 16 by the Economic Policy Institute.

Those 15 states included New York, New Jersey, and Connecticut, with New York, where the top 1% took 31% of all income, and Connecticut the most unequal. In the Bridgeport-Stamford area, the top 1% made more than 70 times as much as everyone else averaged. Nationwide, the report said, post-recession growth was so “lopsided” that the top 1% percent—households making more than $390,000 a year—captured six-sevenths of it, with their average income rising by 17.4% while the other 99% inched up by only 0.7%. “Inequality isn’t a regional issue. It’s the result of intentional policy decisions to shift bargaining power away from working people and towards the top 1%,” co-author Estelle Sommeiller said in a statement. “To reverse this, we should enact policies that boost workers’ ability to bargain for higher wages, rein in the salaries of CEOs and the financial sector, and prioritize full employment.” Read more

July 3, 2016

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