New data shows that the gap between the top wealthiest Americans and the working class reached new heights.
New data shows that the gap between the top wealthiest Americans and the working class reached new heights last year as multimillionaires in the top 1 percent experienced the highest wage raises in real, inflation-adjusted dollars while the wages of the bottom 90 percent fell.
In 2021, the top 1 percent of earners saw their annual wages rise by 9.4 percent. The raise for the wealthiest of the 1 percent was even higher, with the top 0.1 percent’s wages rising by 18.5 percent. This stands in stark contrast to the wage trend for the bottom 90 percent, who received a 0.2 percent pay cut in 2021 in real wages. This allowed the top 1 percent to seize nearly 15 percent of all wages last year — and, in fact, the top 1 percent was the only group that saw its wages rise in 2021. Meanwhile, the bottom 90 percent saw its share of wages sink to a record low of 58.6 percent.
Between 1979 and 2021, the top 1 percent has seen its wages rise by over 200 percent, while the 0.1 percent’s wages rose by over 460 percent, the report found. The bottom 90 percent, meanwhile, saw its wages rise by a mere 29 percent, or just about a 0.7 percent raise yearly on average, compared to the 11.1 percent yearly raise on average for the top 0.1 percent.
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