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Income inequality in the United States has continued to skyrocket, according to a new study from the Institute for Policy Studies.
The most telling chart? The top 1% of earners in the U.S. have a higher percentage of the nation’s total income than the bottom 90% combined.
The findings come from the latest version of the U.S. Census Bureau’s income distribution report, the “Current Population Survey Annual Social and Economic Supplement,” which also found that a third of American households – 47 million in total – lived in poverty.
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The report also found that income for the bottom 90% of U.S. households fell between 2009 and 2013, despite the introduction of the federal Affordable Care Act, commonly known as “Obamacare.”
It found that the bottom 90% of households saw their median income fall to $24,389, a 1.6 percent decrease from $24,570 in 2009. During the same period, the median income for the top 1 percent rose 8.6 percent to $1,617,250.
“Americans are enduring nearly a decade of weak income growth,” IPP Vice President of Programs and Policy Rebecca Smith said in a press release. “After a brief decline, median income for the bottom 90 percent has resumed its steep descent.”
The average income for the bottom 20% of earners – those who make $17,979 or less – fell 0.4 percent between 2009 and 2013. The same was true for the top 5 percent, whose income grew 0.4 percent.
Smith said that income inequality in the U.S. is “near an all-time high,” noting that in 2012, the top 1 percent earned 19 percent of the total national income.
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She added, “Income inequality is part of a larger issue of growing economic instability for the majority of Americans.”
“America’s economic and political power is still largely built on a mythology of universal prosperity and economic security,” Smith said. “But that mythology has eroded substantially as a result of the continued growth of inequality.”
Among the top 1 percent, only the top 50 households saw income increases in 2013. The number of households in the top 1 percent has been rising steadily since 2009.
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Smith said the recent spate of income inequality in the