The Congressional Budget Office has recent released a study of rising inequality, confirming that the top 1% of households have been benefitting incredibly over the past 30 years in after-tax income growth compared to households in the other percentiles. According to the article, the growth in income over the past 30 years is not attributed to hourly wage growth, but rise in annual hours worked and the mass entry of women into the labor force. From 1973 to 2007, the percentage of employed Americans rose significantly. Since 2007, the employment-to-population ratio has plummeted back to the same level as the early 1970s. The data on employment-to-population ratio raise question whether technology productivity was the reason for the decrease in jobs in our economy.
Source:
http://www.economist.com/blogs/democracyinamerica/2011/10/inequality
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