The nation's economic expansion is entering its seventh year, with low inflation, low unemployment, low interest rates, and soaring corporate profits.
All signs point to a continuing strong economy.
But there is a problem. Most of the benefits of our economic growth are going to the richest Americans, not to the working poor and not even to middle-class families. In the midst of the nation's robust economy, the income gap between the rich and poor is growing wider, especially in New York. In stark contrast, real incomes of the poorest fifth of families decreased in 44 states by an average of 21 percent. Even among the middle-fifth of families, average income declined by about 2 percent, according to a recent study based on Census Bureau data.