Transcript for Top 1 Percent's Income Keeps Growing
Confirmation today of the huge gap in this country between the middle class. And the richest people the 1% the richest Americans have seen their income grow exponentially. A staggering 275%. In the... See More
Confirmation today of the huge gap in this country between the middle class. And the richest people the 1% the richest Americans have seen their income grow exponentially. A staggering 275%. In the past thirty years the middle class lagging behind. And lower income people lagging even more -- raising questions. About how you strengthen America's middle class and ABC's John Berman explores it. Over the last thirty years the richest of the rich have been writing over a rocket ship. Everyone else on a slow climb uphill the top 1% senior incomes shoot up more than six times the rate of the middle class. In Minnesota funny and Dick and kid in a meteorologist in his school volunteer -- Naomi have to -- and their kids in retirement -- -- -- And because. We -- -- the CBO study says this income gap. He's partially the result of big time salaries and bonuses rising since 1979. In taxes on the -- falling the economic result. If you think of America's total income is one giant ply the richest 1% of seeing the size of the Arab peace. Double over the last thirty years in everyone else. Scene near piece gets smaller and with the social results might be bigger. The first question comes to my mind is are we all still in the same boat together since middle class for so long -- great engine of our economy seems to began speak. Over the last two decades the cost of health insurance up more than 150%. The cost of housing -- 56%. The cost of a college education up 43%. No wonder 94% of America's middle class no longer believes they can get ahead what they're frustrated about. Is that they think that the rich and the wealthy. Are playing by entirely different federal rules they balance checkbooks Jason -- -- Villa in CEOs pocket multimillion dollar bonuses. -- books CEO Howard Schultz is trying to show we -- all climbing this hill together providing small loans to small businesses that proved they will hire. I think it's about Americans helping Americans to bring back the self esteem of those individuals have been left behind. -- Starbucks is putting five million dollars of its own money into this effort in starting next Tuesday. He'll be selling wrist bands and stores for five dollars a piece that money going to help create jobs and Schultz says creating self esteem. OK John thanks and we want everyone at home to keep writing us as well as our partners Yahoo!. We're listening now at abcnews.com. We want your thoughts about this.
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