Top 1% see incomes soar 188%. Everyone else … not so much

El-Erian warns of 'lost generation' as income gap grows

The Top 1% saw their incomes nearly triple in recent decades, while middle class and lower-income Americans saw theirs creep up by only 18%, according to new government data.

The outsized earnings those at the top accrued caused the income inequality gap to widen even further, according to the Congressional Budget Office, which looked at Americans’ incomes and tax burdens between 1979 and 2013. The federal tax system helped reduce the gap, but not as much as government transfers — including cash assistance, food stamps, Social Security, Medicare and unemployment insurance — did.


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