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The
Five Borough Report
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Interesting Reports
Income Inequality in New
York
While the economic expansion
of the late 1990’s has reduced unemployment to its lowest levels in 30
years and reduced the poverty rate to its lowest levels in over 20 years,
the good economy has done little to raise the incomes of New York’s low-income
families. According to a new report from Public-Private Ventures, Deepening
Disparity: Income Inequality in New York, high-income families earned 19.2
times their low-income counterparts by 1999, compared with 14.2 times in
1992. The report notes a direct relation between low earnings and low skills,
with nearly 30 percent of New York’s families headed by people with
less than an 11th grade education.
The report recommends that
New York State pass its own minimum wage, higher than the federal minimum,
and institute an earned income tax credit that supplements federal credits.
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