Incomes down for most but up for wealthiest

growing income gap between the nation’s rich and poor.

News Alert?!

By Associated Press Staff

“The government is reporting that 50 percent of U.S. workers earned less than $26,364 last year, reflecting a growing income gap between the nation’s rich and poor.

According to the Social Security administration, there were fewer jobs, and overall pay was trending down — except for the wealthiest Americans. The number of people making $1 million or more soared by over 18 percent from 2009. There were 5.2 million fewer jobs in 2010 than in 2007, when the deepest recession since the 1930s began.

The payroll figures are based on W-2 forms submitted by employers to the IRS. The figures were posted by Social Security on its website as demonstrations raged on Wall Street and across the country protesting high unemployment and a growing income gap.”

Emphasis Mine

see:http://www.cleveland.com/business/index.ssf/2011/10/incomes_down_for_most_but_up_f.html#incart_mce

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