Income Inequality in the United States

Income inequality in the U.S. is now greater than it has been since the 1920s. The incomes of earners at the 99.99^th percentile of the income distribution have soared over the last three decades from less than $2 million in the late 1970s to about $10 million in 2009. However, pay has slowed for the affluent and the rich, as a group, have become poorer. The question is, will hard times for the rich benefit the middle class and the poor, given that the huge recent increase in top incomes coincided with slowed income growth for almost every other group? With the Senate’s passage of financial regulation in May 2010, Obama’s health care bill, and Congress’ bill to tighten Wall Street’s rules and shrink its profit margins, the U.S. has been trying to stimulate economic growth while reducing income inequality at the same time. The success depends hugely on execution, specifically in the case of the Federal Reserve.

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