Our pals over at the Economic Policy Institute come to us this week with new data on how much folks need to make annually to be considered the top one percent in their state.
In Ohio, it seems, you’d need to pull in $316,000 per year, whereas in Connecticut you’d have to make more than double that. Anyone thinking of moving to Arkansas? You’d only need to earn $228,000 there.
Via EPI:
On average, income in Ohio grew 20.4% between 1979 and 2007. Good thing for everybody, right? Not quite. The top 1% snared a disproportionate share of that growth—49.4%. So their massive income growth far eclipsed income growth of the bottom 99%, whose raise was meager when you divide it over three decades.
And unfortunately the Great Recession was no great leveler: Recovery for the bottom 99% has been weak relative to the gains of the top 1%. Thus, the lopsided income growth from 1979 to 2007 extended through 2012. Due to this extended period of lopsided income growth, the share of all income held by the top 1% in recent years has approached or surpassed historical highs.
The upshot of these trends? A lopsided Ohio economy, where top 1% average income is 21 times greater than the average income of the bottom 99%.
Take a look at the numbers for each state below – anything surprise you about the midwest? What about the coasts?
This article appears in Jan 28 – Feb 3, 2015.
Kasich’s tax cuts went to those Ohioans
How is a lopsided economy an upshot?
I thought the American Dream is something this country is proud of. Those wanting to disparage those simply for achieving the American Dream have it backwards. The focus should be on lifting those that want to be lifted, but not at the expense of those who have achieved what the others want to achieve. If we’re constantly pushing down the ones who are successful, you take away the motivation to achieve that goal.
Focus on raising the bottom, not lowering the top.