By Mark Scott
Albany, NY – A new study finds the income gap between rich and poor is growing New York.
The labor-backed Fiscal Policy Institute reported Thursday that the wealthiest New Yorkers earn more than eight times as much as those in the lower end of the earnings scale. The group's senior economist Trudi Renwick says there are a variety of reasons for that.
"The restructuring of the economy, the loss of manufacturing jobs, the proliferation of retail and service jobs that pay less are all factors," Renwick said.
The study found that since the 1980s, New York wage earners in the top 20 percent saw a more than $50,000 increase to $130,000 a year. But those in the bottom 20 percent saw only a $2,000 increase to $16,000. If their incomes had increased at the same rate as the wealthiest New Yorkers, they'd be earning $23,000 a year.
Renwick said state officials have already taken steps to take the necessary steps to close the gap.
"I think the increase in the minimum wage was a good first step," Renwick said. "Now, we need to put forward some sort of automatic indexing so that wages continue to increase with the cost of living."
Officials at the Business Council of New York State say the amounts earned by the state's wealthiest residents are "something that everybody who cares about New York should be pleased with." A spokesman says its wealthy people and their taxes that make it possible for New York to provide the nation's most generous social service programs to the poor.