Top 0.1% Got A 9.9% Raise In 2020 — A Nearly Six Times Higher Raise Than The Bottom 90% Got

  • A report from the left-leaning Economic Policy Institute found that both the top 1% and 0.1% saw in 2020 “historically high wage levels and shares of all wages.” 
  • According to EPI’s analysis, the top 1% of Americans earned 13.8% of wages in 2020 while everyone else earned 60.2% — a wage growth of 9.9% for the top 0.1% compared to 1.7% for the bottom 90%.
  • Wages for the top 1% have grown by 179.3% since 1979 where an acceleration in the trend of extreme wage disparities began.

Juliana Kaplan and Andy Kiersz from Insider writes:

“In 2020, Americans saw their pay increase — and the wealthiest Americans saw the biggest.

A new report from the left-leaning Economic Policy Institute’s Lawrence Mishel and Jori Kandra found the top 1% and top 0.1% saw “historically high wage levels and shares of all wages” in 2020.

That means that the top 1% of Americans earned 13.8% of wages in 2020, according to EPI’s analysis of Social Security Administration data. Meanwhile, everyone else earned 60.2%. That was wage growth of 9.9% for the top 0.1% alone, compared to 1.7% for the bottom 90%.

It’s the latest acceleration of a trend that kicked off in 1979. Since then, the top 1% has seen their wages grow by 179.3%. And, if you’re one of the few in the top 0.1%, your wages have gone up by 389.1% over the past four years alone.

The vast majority of Americans — the other 90% — saw wages tick up by 28.2% over the same period…”

See full story here.



Categories: Business, Economy, Labor

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