Rich vs. Poor

Two new studies find the rich are getting richer at a faster pace.A study released in late January, from the Center on Budget and Policy Priorities and the Economic Policy Institute, found that the gap between the highest- and lowest-income families is significantly wider than it was 25 years ago.An employee working full-time at the federal minimum wage makes $10,712 a year. About 7% (13.3 million people) of the workforce earns a minimum wage.“Growing income inequality harms this nation in a number of ways,” stated Jared Bernstein, a senior economist at the Economic Policy Institute and co-author of the income report. “When income growth is concentrated at the top of the income scale, the people at the bottom have a much harder time lifting themselves out of poverty and giving their children a decent start in life.”

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