Income Inequality and Falling Wages for the Working Class

A couple of stories on Quartz today shows just how much workers are losing in terms of falling wages and growing inequality.

First, the a story “Matt Phillips and Ritchie King on how American incomes are down 8.3% since 2007. The graphs are shocking showing:

Median income for the typical American household was $51,017 in 2012, leaving it 8.3% lower than where it was in 2007, the year before the financial crisis hit. Median household income roughly flat compared to 2011.

They also have an article outlining that The typical US family now makes less than it did when the Berlin Wall fell back in 1989. That means that workers were not sharing in the growth in the economy before the crisis, lost big in the crash and have not shared in the gains in growth since.

There is nothing good about this news for workers in the US.