Monday, Oct. 30, 1989
Business
The seven-year U.S. economic boom has produced great rewards, but they have not been distributed equitably. In a report issued last week, the Census Bureau found that the gap between rich and poor is widening. On the basis of a survey of 58,000 households, the bureau estimated that the poorest one-fifth of U.S. families received 4.6% of total income -- the lowest percentage since 1954. By contrast, the wealthiest one-fifth of families accounted for 44% of the income -- the highest share ever recorded.
The number of American families living below the poverty line, currently an annual income of $12,091 for a family of four, fell last year to 13.1% of the population, from 13.4% in 1987. But that percentage is still higher than it was a decade ago, when it stood at 11.4%. In addition, earnings for full-time male workers fell 1.3% in 1988, the first decline since 1982, while wages for female workers were unchanged.