We’ve seen the term “income inequality” rise to the level of broad public discussion over the past few years – how a tiny sliver of our country’s population is taking in well over 90% of all new income since 2007. Many economists contend it’s largely due to changes to the U.S. Tax Code over the past 20 years that now dramatically favors the already wealthy.
A telling sign of that trend is on broad display in Washington County. Washington County, Oregon’s richest county, has become an example of what is called “wage polarization” which is producing a big drop in new single family homes while producing a huge surge in new apartments and condos.
Analysts say Washington County’s economic elite is doing fine, but the vast majority of everyone else is stuck at the lower rungs of the economic ladder – due largely to the skyrocketing price of a college or technical degree which would otherwise pull them up the ladder. What’s worse, they say family wages remain stuck at 1985 levels putting higher education farther out of reach for the average high school graduate, leaving them stuck at the bottom. And every year there’s more and more of them.
The Oregonian has the story. Click here.