….and that is in states with the most uneven and unequal economic recovery. According to a new research paper released yesterday by the Economic Policy Institute, in 39 states, the top 1% of wage earners earned at least half of all income gains between 2009 and 2012. In 17 of those states, the top 1% earned all income growth, while everyone else’s wages stayed stagnant or declined.
But where did the 1% gain the most?
You guessed it.
The Great State of Delaware.
In Delaware, between 2009 and 2012, real income growth in all incomes increased by 0.7%. However, when incomes are divided into the top 1% of incomes versus the bottom 99%, things change. Between 2009 and 2012, wages actually decline for the bottom 99% by 1.6%, while increasing during the same time period for the top 1% by…. wait for it….. 15%!
That means the top 1% gets 301% of all income growth over the three years between 2009 and 2012. That means the top 1% earned THREE TIMES THEIR UNFAIR SHARE OF 100% OF ALL INCOME.
And it gets worse. Since 1979, in all economic expansions this state has experienced, the top 1% has captured 110.9% of all income growth. The bottom 99% saw their wages decline by 10.9% during that same time period. Before 1979, the statistic was reversed. 108.1% of all income growth went to the bottom 99% prior to 1979.
So, thank you President Reagan, the murderer of the middle class.