Study: Income Drops for 90%, Rises for the Richest

New economic data show what most Americans already know: The rich keep getting richer and virtually everyone else is losing ground.

According to the Economic Policy Institute’s weekly economic snapshot, all of the gains in income in 2005 went to households in the wealthiest 10 percent, with the richest 1 percent seeing even more growth.

Meanwhile, income of the remaining 90 percent of American households fell by 0.6 percent on average. In the top 10 percent, households gained at least 2.2 percent and as much as 16 percent.

"These trends lead to two clear conclusions," EPI said. "First, the factors driving inequality -- diminished union presence, globalization, surging CEO pay -- are funneling growth to the top of the income scale and dramatically shaping the economic fate of America's working families.  Second, these income trends clearly argue against further regressive tax cuts that continue to favor the wealthiest."