The Fed Cites Stats for Economic Inequality

According to a Federal Reserve report titled Changes in U. S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances:

Between 2010 and 2013, only families at the very top of the income distribution saw widespread income gains.” That’s the Fed’s way of saying that the top 3 percent of families receive roughly a third of all income generated in the U.S. annually.

The top 10 percent of families received just about half of total income in 2013. Thus, total income is split evenly between the 10 percent and the remaining 90 percent.

Between 2010 and 2013, “families at the bottom of the income distribution saw continued substantial declines in real net worth.

The report also notes:

Between 2010 and 2013, both median and mean income changes were positively associated with educational attainment. The median income of households with a high school diploma or less fell between 6 and 9 percent, whereas the mean income of those without a high school diploma fell much more than that of those who graduated from high school (a 17 percent decline versus a 2 percent decline). The median income of those with some college decreased 11 percent, whereas the median income of those with a college degree increased 1 percent. Mean income for those with a college degree increased 5 percent.
The full report analyzes additional indicators, including debt burden, saving habits, and home ownership, among others. To read the full report, click here.
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s