Take a look at this EPI chart that shows stunning wage growth for the top 0.1 percent, while the bottom 90 percent tread water.
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Friend,
Newly available wage data tells a familiar story: Since 1979, wages for the bottom 90% have continuously been redistributed upwards―frequently to the very highest 1.0% and 0.1%.
Take a look at the chart below and note the top blue line which shows the staggering rate at which the top 0.1% have increased their annual wages in recent decades.
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EPI's data shows that the top 1% saw their wages grow by 160%. Meanwhile, wages for the top 0.1% grew more than twice as fast―up a spectacular 345.2%! In contrast, those in the bottom 90% had annual wages grow by just 26.0% from 1979 to 2019.
Put another way, the vast majority of working people across the United States, the bottom 90%, earned $30,880 a year in annual wages in 1979, up slightly to $38,923 in 2019. But the top 0.1% realized a much steeper increase: collecting $648,725 in wages in 1979 and a staggering average annual wage of nearly $2.9 million in 2019.
This unceasing growth of wage inequality undercuts wage growth for the bottom 90% and reaffirms the urgent need to place a policy making priority on rebuilding worker power and generating robust wage growth for the vast majority of people throughout our country.
EPI is fighting every day for progressive economic change to lift up working people and families throughout our country. If you value EPI’s research, please consider a donation today. ([link removed])
Thank you for all you do to fight for an economy that works for all of us, not just the wealthy few.
Eve Tahmincioglu
Director of Communications, Economic Policy Institute
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