FED: Rich get richer as income gap grows

WASHINGTON (AP) – A Federal Reserve report says the richest 10 percent of Americans were the only group whose median incomes rose in the past three years.

The Fed’s report says incomes declined for every other group from 2010 to 2013, widening the gap between the richest Americans and everyone else.

The report, which adjusted for inflation, finds that median income for the top 10 percent rose 2 percent, to $223,200 from $217,900. Median income fell 4 percent for the bottom 20 percent, to $15,200 from $15,800.

For the middle 20 percent, incomes dropped 6 percent, to $48,700 from $51,800.

The information was contained in the Fed’s latest “Survey of Consumer Finances.”

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

 

 

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