Newspaper article THE JOURNAL RECORD

Study Finds Rich Get Much Richer

Newspaper article THE JOURNAL RECORD

Study Finds Rich Get Much Richer

Article excerpt

WASHINGTON (AP) _ The top onelf of 1 percent of the nation's richest families received 55 percent of the total increase in household wealth between 1983 and 1989, according to a study released Thursday.

The study, "The Rich Get Increasingly Richer," found that while the "superch" enjoyed rapid growth of wealth, the bottom 60 percent of families found their wealth either stagnating or falling by 1989.

"A comparison of 1983 and 1989 data reveals a sharp increase in wealth inequality over the period," asserted Edward Wolff, the New York University economics professor who wrote the study. "U.S. wealth concentration in 1989 was more extreme than that of any time since 1929."

The study was released by the Economic Policy Institute, which describes itself as a nonofit, nonrtisan economic think tank supported by foundations, labor unions, corporations and individuals.

Wolff found that family wealth increased by $2.6 trillion, from $13.6 trillion to $16.1 trillion, between 1983 and 1989. …

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