Saturday, May 23, 2015

Another case of the ship hitting the fan*

The middle class: Screwed again.

Another case of the ship hitting the fan*

Signe Wilkinson did this "excellent" front page to illustrate my story in today's Daily News, which goes something liike this (use promo code V51J, please):

IT TURNS out that the much-ballyhooed economic recovery of 2012 sailed right by the middle class in a golden-hulled mega-yacht, leaving most of us to fight off drowning from its massive, champagne-frothed wake.

A new report from top researchers found that last year was the worst 12 months for U.S. income inequality since 1928 - the year before the Wall Street crash that kicked off the Great Depression.

The millionaires and billionaires of the "1 Percent" saw their earnings spike by roughly 20 percent in 2012, the researchers found, while the other 99 percent of Americans brought home a paltry 1 percent pay hike, on average.

"We've got an economy that serves strictly to benefit the wealthy and not the average working person," said Sharon Ward, executive director of the Pennsylvania Budget and Policy Center, who was aghast at the findings.

Don't be fooled by all the other bargain-basement income-inequality stories that are available online. If you read one income inequality story today, make it this one

* Obscure headline reference here.

About this blog
Will Bunch, a senior writer at the Philadelphia Daily News, blogs about his obsessions, including national and local politics and world affairs, the media, pop music, the Philadelphia Phillies, soccer and other sports, not necessarily in that order.

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