A comprehensive new report released by the Congressional Budget Office (CBO) portrays a stark transformation of the American economy over the last four decades, revealing a deepening divide where the wealthiest households have dramatically expanded their economic footprint while the middle class has steadily lost ground.
According to the data, which spans from 1979 through 2022, the distribution of national income has skewed heavily toward the very top. The report reveals the top 1% of households grew their share of income before transfers and taxes from 9% in 1979 to 18% in 2022, effectively doubling their slice of the economic pie.
