Unemployment, the Labor Market, and the Economy – Governor Daniel K. Tarullo At the World Leaders Forum, Columbia University, New York, New York, October 20, 2011
“Longer-term patterns in the types of jobs being created have also contributed to a widening gap in wages and income between the richest and poorest Americans. Adjusting for inflation, earnings for a worker in the middle of the wage distribution have risen about 10 percent since 1980, while earnings for a highly paid worker at the 90th percentile of the wage distribution have risen more than 30 percent during the same period. Earnings for workers near the low end of the distribution–those around the 10th percentile–have risen only about 5 percent after taking inflation into account. Thus, as has been widely observed, the gains from economic growth over the past three decades have disproportionately accrued to the highest wage earners.”
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