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3:36
Time > At every income level up to the 90th percentile,wage earners are now being paid a fraction of what they would have had inequality held constant. For example,at the median individual income of $36,000,workers are being shortchanged by $21,000 a year—$28,000 when using the CPI—an amount equivalent to an additional $10.10 to $13.50 an hour. But according to Price,Edwards,this actually understates the impact of rising inequality on low-,middle-income workers,because much of the gains at the bottom of the distribution were largely “driven by an increase in hours not an increase in wages.” To adjust for this,along changing patterns of workforce participation,the researchers repeat their analysis for full-year,full-time,prime-aged workers (age 25 to 54). These results are even more stark: “Unlike the growth patterns in the 1950s,60s,” write Price,Edwards,“the majority of full-time workers did not share in the economic growth of the last forty years.”
The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90%—And That’s Made the U.S. Less Secure

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