Earnings inequality continuing growth in the pandemic labor market
“Inequality in annual earnings worsens in 2021.” This report is a couple of weeks old. Still relevant and supports what NDd has been saying as well as others here at Angry Bear. This is taken from EPI. Partial read of a larger report.
Details from year twenty-one finds annual wages rising the fastest for the top 1% of earners (up 9.4%) and top 0.1% (up 18.5%) Those in the bottom 90% saw their real earnings fall 0.2% between 2020 and 2021. Workers in the 90th–99th percentile of the earnings distribution also experienced real losses in 2021.
Top 1% in 1979 and 2021.
The top 1% earned 14.6% of all wages in 2021—twice as high as their 7.3% share in 1979. The bottom 90% received just 58.6% of all wages in 2021, the lowest share on record, and far lower than their 69.8% share in 1979.
From 1979 to 2021;
Wages for the top 1% and top 0.1% skyrocketed by 206.3% and 465.1%, respectively, while wages for the bottom 90% grew just 28.7%.
On an annualized basis, bottom 90% wages grew only 0.6% per year, compared with 2.7% and 4.2% annualized wage growth for the top 1% and top 0.1%, respectively.
“Inequality in annual earnings worsens in 2021: Top 1% of earners get larger share of the earnings pie. Bottom 90% lose ground,” Economic Policy Institute, (epi.org), Elise Gould and Jori Kandra
The average GDP growth from 1990 to 2021 is 2.05%. The 1% as I noted here in the past is pocketing money faster than we can produce it.
Maybe, just maybe some economist, some economic institution that is herald as to be listened too will start pointing this out.
The top only sees their money growing. They don’t care about the health, function or quality of the economy that is producing the money they are pocketing. They don’t see they are actually losing money or should I say leaving potential money unrealized.
You know, the old kitchen table discussion about not having enough income? Only it’s not about spending more than you earn. It’s about being blind to what you could have due too selfishness.