Income gap widens in South Dakota; One of the fastest rates in the nation
A new report shows the income gap between rich and poor widened in South Dakota-- at a faster pace than 49 other states in the nation.
The report, Pulling Apart A State-by-State Analysis of Income Trends, by the Center on Budget and Policy Priorities and the Economic Policy Institute finds that low- and moderate-income South Dakota families did not share equally in the most recent economic expansion.
The data was collected from between the late 1990s and the mid-2000s. Mississippi was the only other state with a more rapid rate of income disparity growth during the period.
According to the study, the incomes of the richest 20 percent of households grew by 25.7 percent. Meanwhile, incomes for the poorest 20 percent fell by 12.5 percent fell from the 1990s to the mid-2000s in inflation-adjusted dollars.
Nationwide, incomes fell by close to six percent among the bottom fifth of households, on average, while rising by 8.6 percent among the top fifth during the period.