I thought that after all of these years of Hope and Change income inequality was going to be a thing of the past and life would get better for the middle class. Well, it’s not working out that way. Last year income fell for all Americans, except for the rich.
In fresh data that adds fire to a growing debate over income inequality, the department said that Americans on average saw income decline for the second straight year in the 12 months to June 2014.
The average pre-tax income fell 0.9 percent from the same period a year earlier, to $64,432.
But broken down into quintiles, those in the top 20 percent of incomes saw their money stream grow by 0.9 percent to $166,048 on average.
Every other group lost ground, with the bottom 20 percent losing the most: their average income dropped 3.5 percent to $9,818. (Read More)
Consumer spending ticked up a tiny little bit, but that was bolstered by healthcare spending which was up a whopping 11.3%. I thought Obamacare was supposed to decrease the cost of healthcare. Huh.