Income has fallen for all groups, but is especially affecting those at the bottom. From MSNBC:
The wealthiest 10 percent of Americans — those making more than $138,000 each year — earned 11.4 times the roughly $12,000 made by those living near or below the poverty line in 2008, according to newly released census figures. That ratio was an increase from 11.2 in 2007 and the previous high of 11.22 in 2003.
"No one should be surprised at the increased disparity," said Richard Freeman, an economist at Harvard University. "Unemployment hurts normal workers who do not have the golden parachutes the folks at the top have."
Other interesting statistics:
- Income at the top 5 percent of households — those making $180,000 or more — was 3.58 times the median income, the highest since 2006.
- Twenty-one states and the District of Columbia had higher poverty rates than the national average, many of them in the South, such as Mississippi (21.2 percent), Kentucky, Arkansas and Louisiana (each with 17.3 percent). That's compared with 19 states and the District of Columbia that ranked above U.S. poverty in 2007.
- Use of food stamps jumped 13 percent last year to nearly 9.8 million U.S. households, led by Louisiana, Maine and Kentucky. The increase was most evident in households with two or more workers, highlighting the impact of the recession on both working families and unemployed single people.
- Pharr, Texas, and Flint, Mich., each had more than a third of its residents on food stamps, at 38.5 percent and 35.4 percent, respectively.
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