Saturday, June 18, 2016

US Inequality Stats

To break into the top 1% in Pennsylvania it just takes a mere $360,343 in annual income to do so.
The average 1% makes about $926,000 in Pennsylvania — roughly 20.2 times more than the rest of us and roughly 16.7 percent of all income in the state.

The inequality in the entire U.S. is even worse.

Overall, the average annual income for the 1% is about $1.15 million, or 25.3 times higher than the average salary of the 99 percent, $45,567. Income inequality has risen in every state since the 1970s and in many states is up in the post–Great Recession era. In 24 states, the top 1 percent captured at least half of all income growth between 2009 and 2013, and in 15 of those states, the top 1 percent captured all income growth. In another 10 states, top 1 percent incomes grew in the double digits, while bottom 99 percent incomes fell. For the United States overall, the top 1 percent captured 85.1 percent of total income growth between 2009 and 2013. In 2013 the top 1 percent of families nationally made 25.3 times as much as the bottom 99 percent.

In Pennsylvania, the top 1 percent got somewhere between 50 and 94.4 percent of all income growth in the state. It's one of 24 states — including Maryland, New York and New Jersey — where the top 1 percent got at least 50 percent of all income growth in the state. New York and Connecticut are the most unequal states (as measured by the ratio of top 1 percent to bottom 99 percent income in 2013), nine states, 54 metropolitan areas, and 165 counties have gaps wider than the national gap. In fact, the unequal income growth since the late 1970s has pushed the top 1 percent’s share of all income above 24 percent (the 1928 national peak share) in five states, 22 metro areas, and 75 counties.

The Warren metro area is the most unequal in the whole state with the top 1 percent making about 24.5 times more than everyone else. The average income for the richest is $799,067.  Montgomery County is the county with the most income inequality. There, the top 1 percent makes an average of $2.04 million; about 27.4 times more than the 99 percent.

In 2013, income inequality was much higher in many states, metropolitan areas, and counties than for the United States overall. In 2013 the top 1 percent of families nationally made 25.3 times as much as the bottom 99 percent.

Nine states had gaps wider than the national gap. In the most unequal states—New York, Connecticut, and Wyoming—the top 1 percent earned average incomes more than 40 times those of the bottom 99 percent.
Fifty-four of 916 metropolitan areas had gaps wider than the national gap. In the 12 most unequal metropolitan areas, the average income of the top 1 percent was at least 40 times greater than the average income of the bottom 99 percent. Most unequal was the Jackson metropolitan area, which spans Wyoming and Idaho; there the top 1 percent in 2013 earned on average 213 times the average income of the bottom 99 percent of families. The next 11 metropolitan areas with the largest top-to-bottom ratios were Bridgeport-Stamford-Norwalk, Connecticut (73.7); Naples-Immokalee-Marco Island, Florida (73.2); Sebastian-Vero Beach, Florida (63.5); Key West, Florida (58.5); Gardnerville Ranchos, Nevada (46.1); Miami-Fort Lauderdale-West Palm Beach, Florida (45.0); Midland, Texas (44.3); Glenwood Springs, Colorado (42.4); San Angelo, Texas (40.9); Las Vegas-Henderson-Paradise, Nevada (40.7); and Summit Park, Utah (40.3).
165 of 3,064 counties had gaps wider than the national gap. The average income of the top 1 percent was at least 45 times greater than the average income of the bottom 99 percent in 25 counties. In Teton, Wyoming (which is one of two counties in the Jackson metropolitan area), the top 1 percent in 2013 earned on average 233 times the average income of the bottom 99 percent of families.
There is a wide variance in what it means to be in the top 1 percent by state, metro area, and county.

To be in the top 1 percent nationally, a family needs an income of $389,436. Twelve states, 109 metro areas, and 339 counties have thresholds above that level.
For states the highest thresholds are in Connecticut ($659,979), the District of Columbia ($554,719), New Jersey ($547,737), Massachusetts ($539,055), and New York ($517,557). Thresholds above $1 million can be found in four metro areas (Jackson, Wyoming-Idaho; Bridgeport-Stamford-Norwalk, Connecticut; Summit Park, Utah; and Williston, North Dakota) and 12 counties.
While incomes at all levels declined as a result of the Great Recession, income growth has been lopsided since the recovery began in 2009; the top 1 percent captured an alarming share of economic growth while enjoying relatively high income growth.

Between 2009 and 2013, the top 1 percent captured 85.1 percent of total income growth in the United States. Over this period, the average income of the top 1 percent grew 17.4 percent, about 25 times as much as the average income of the bottom 99 percent, which grew 0.7 percent.
In 24 states the top 1 percent captured at least half of all income growth between 2009 and 2013.
In 15 of those states the top 1 percent captured all income growth between 2009 and 2013. Those states were Connecticut, Florida, Georgia, Louisiana, Maryland, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, South Carolina, Virginia, Washington, and Wyoming.
In the other nine states, the top 1 percent captured between 50.0 and 94.4 percent of all income growth. Those states were Arizona, California, Illinois, Kansas, Massachusetts, Michigan, Oregon, Pennsylvania, and Texas.
In 10 states, top 1 percent incomes grew in the double digits, while bottom 99 percent incomes fell. Those states were Wyoming (55.1 percent versus -2.3 percent), Nevada (25.6 percent versus -13.3 percent), Washington (21.6 percent versus -0.8 percent), New York (20.6 percent versus -3.9 percent), Connecticut (17.2 percent versus -1.6 percent), New Jersey (15.2 percent versus -1.4 percent), Florida (15.0 percent versus -4.3 percent), Missouri (14.8 percent versus -1.8 percent), Georgia (12.3 percent versus -2.7 percent), and South Carolina (11.3 percent versus -0.1 percent).
Lopsided income growth is a long-term trend that predates the Great Recession.

Between 1979 and 2007, the top 1 percent took home well over half (53.9 percent) of the total increase in U.S. income. Over this period, the average income of the bottom 99 percent of U.S. families grew by 18.9 percent. The average income of the top 1 percent grew over 10 times as much—by 200.5 percent.
In 19 states the top 1 percent captured at least half of all income growth between 1979 and 2007. In four of those states (Nevada, Wyoming, Michigan, and Alaska), only the top 1 percent experienced rising incomes between 1979 and 2007.
Even in the 10 states in which they captured the smallest share of income growth from 1979 to 2007, the top 1 percent still captured between about a quarter and just over a third of all income growth.
The lopsided growth in U.S. incomes between 1979 and 2007, in which the top 1 percent’s share of income grew in every state, reversed a growing equality in the half century after the Great Depression.

The share of income held by the top 1 percent declined in every state but one between 1928 and 1979.
From 1979 to 2007 the share of income held by the top 1 percent increased in every state and the District of Columbia.
The 10 states with the biggest jumps (at least 13.5 percentage points) in the top 1 percent share from 1979 to 2007 include four states with large financial services sectors (New York, Connecticut, New Jersey, and Illinois), three with large information technology sectors (Massachusetts, California, and Washington), one state with a large energy industry (Wyoming), one with a large gaming industry (Nevada), and Florida, a state in which many wealthy individuals retire.
These trends have left us with unequal income growth spanning 1979 to 2013.

Between 1979 and 2013, the top 1 percent’s share of income doubled nationally, increasing from 10 percent to 20.1 percent.
The same 10 states that had the biggest jumps in the top 1 percent share from 1979 to 2007 had the biggest jumps (in this case at least 9.5 percentage points) from 1979 to 2013. Again, these are four states with large financial services sectors (New York, Connecticut, New Jersey, and Illinois), three with large information technology sectors (Massachusetts, California, and Washington), one state with a large energy industry (Wyoming), one with a large gaming industry (Nevada), and Florida, a state in which many wealthy individuals retire.
In 15 of the other 40 states, the increase in the top 1 percent share was between 6.9 and 9.4 percentage points. In the remaining 25 states, the increase ranged between 3.1 and 6.9 percentage points.
The unequal income growth since the late 1970s has brought the top 1 percent income share in the United States to near its 1928 peak.

Overall in the U.S. the top 1 percent took home 20.1 percent of all income in 2013. That share was less than 4 percentage points higher in 1928: 24 percent.
Five states had top 1 percent income shares above 24 percent in 2013. Shares were highest in New York (31.0 percent), Connecticut (29.7), Wyoming (28.7), Nevada (27.5), and Florida (25.6).
Twenty-two metro areas had shares above 24 percent in 2013. Shares were highest in Jackson, Wyoming-Idaho (68.3 percent); Bridgeport-Stamford-Norwalk, Connecticut (42.7 percent); and Naples-Immokalee-Marco Island, Florida (42.5 percent).
Seventy-five counties had shares above 24 percent. Shares were highest in Teton, Wyoming (70.2 percent); La Salle, Texas (55.9 percent); and Shackelford, Texas (54.2 percent).


http://www.epi.org/publication/income-inequality-in-the-us/

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