The Bottom 90% in the US Have an Average Real Income Just Better than the Average Real Income In Greece
27 June 2017 | Pago Pago, American Samoa
Amanda Perry and I just had an exchange from which we both concluded the US is the richest advanced nation in the world in terms of average per capita income, just behind Luxembourg on the OECD list of the 32 most advanced nations of the world The problem is all that income or money is in too few hands so the rest do not have enough and are much poorer.
So how much poorer is say the bottom 90% of the US? The bottom 90% -- if they were a nation unto themselves -- would be in the bottom 1/3 of the 32 advanced OECD nations in terms of real per capita income, just above Greece and just below Slovenia. That is how bad it is in the US -- how bad income inequality is in the US.
(If we were to look at the bottom 50% in the US, instead of the bottom 90%, the results would place this group near Mexico, which is at the bottom of the 32 OECD advanced nations. Average real income for US bottom 50% = $16,200. Average real income for Mexico $14,867, the lowest of the 32 advanced OECD countries. Next lowest OECD nation is Hungary with average real income of $19,999.)
Adjusted for inflation, the top 10 percent of earners in the United States made, on average, $144,418 in 1979 and $254,449 in 2012. That’s about 76 percent growth.
The bottom 90 percent of earners, on the other hand, made $33,526 in 1979 and $30,438 in 2012. That’s a decrease of about 9 percent.
Now is this a fucked up country or what? And who is doing anything about it? Republicans want tax CUTS for the rich.