Friday, March 8, 2013

The wealthy haven't recovered from the Great Recession (but they're doing way better than you)

http://money.cnn.com/2013/02/19/news/economy/top-income/index.html?iid=SF_E_Highlight

According to a recent study, the annual earnings of America's economic elite remain way below their 2007 peak. The top 1% of America's earners took home an average of $1.05 million in 2011, down nearly 30% from the $1.48 million they averaged four years earlier, before the Great Recession took hold. However, as the tittle suggests, they are still doing way better than the majority of Americans. Those in America's bottom 99% had an average income of $42,826 in 2011. That's essentially flat compared to two years ago -- meaning that while America's richest enjoyed a rebound, others have not. Their average income is the lowest it has been since 1995, compared to 2003 for the top 1%.

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