Rich pull farther away from middle class

Posted on Sep 12, 2012 in Business | 0 comments

A non-partisan think tank in Washington said Tuesday that the rich were getting richer and leaving the poor far behind.

The Economic Policy Institute said the median household income among the richest 1 percent of the country in 2010 was 288 times that of the median income of everyone else.

As of 1962, the top 1 percent were only 125 times as rich as the median household, less than half of what it was by 2010.

The median income among the middle class, in fact, has dropped, falling from $73,000 in 1983 to to $57,000 in 2010, the Los Angeles Times reported.

Over the same period, the average wealth of the richest 1 percent of the country rose from $9.6 million to $16.4 million.

Copyright 2012 by United Press International