Median Incomes Fell for All But Richest in 2010-2013, Fed Says
Source: Bloomberg News
Median Incomes Fell for All But Richest in 2010-2013, Fed Says
By Victoria Stilwell and Craig Torres
September 04, 2014 2:00 PM EDT
Only the rich saw their incomes benefit from the economic recovery during 2010-2013, as earnings stagnated or fell for all others, a report from the Federal Reserve showed today.
Median income adjusted for inflation rose 2 percent to $223,200 for the wealthiest 10 percent of households from 2010 to 2013, the Fed said today from Washington in its Survey of Consumer Finances. The bottom 60 percent saw the biggest declines.
The improvement in consumer finances has become increasingly stratified during the recovery, thanks in part to gains in the stock and housing markets that have been boosted by the Fed’s unprecedented stimulus. Meanwhile the labor market has been slower to progress, with wages remaining stagnant for many workers, aggravating the disparity in income.
The report “reveals substantial disparities in the evolution of income and net worth” since 2010, Fed economists wrote.
Read more: http://www.bloomberg.com/news/2014-09-04/median-incomes-fell-for-all-but-richest-in-2010-2013-fed-says.html
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We've got to stimulate the economy.
