Our pals over at the Economic Policy Institute come to us this week with new data on how much folks need to make annually to be considered the top one percent in their state.
In Michigan, it seems, you'd need to pull in $301,000 per year, whereas in Connecticut you'd have to make more than double that. Anyone thinking of moving to Arkansas? You'd only need to earn $228,000 there.
On average, income in Michigan grew 8.9% between 1979 and 2007. While incomes of the top 1% shot up, incomes of the bottom 99% actually fell.
And unfortunately the Great Recession was no great leveler: Recovery for the bottom 99% has been weak relative to the gains of the top 1%. Thus, the lopsided income growth from 1979 to 2007 extended through 2012. Due to this extended period of lopsided income growth, the share of all income held by the top 1% in recent years has approached or surpassed historical highs.
The upshot of these trends? A lopsided Michigan economy, where top 1% average income is 25 times greater than the average income of the bottom 99%.
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