Dick Durbin: “last night the President talked about the economy and the progress we have made. The United States grew 2.6 percent last…”

“last night the President talked about the economy and the progress we have made. The United States grew 2.6 percent last year, and in the third quarter alone our economy grew by 5 percent. Nearly 3 million jobs were created--the best year for the U.S. labor market since the height of the economic boom under President Bill Clinton. Lower gasoline prices are providing relief to many families and consumer confidence is up. The deficit has been cut in half. Yet we know that while the economy is growing and unemployment is declining, sadly, much of the benefit is going to those at the very top of the ladder. The top 1 percent of American wage earners saw 49 percent of the decline in incomes during the recession, but they have seen 95 percent of the income gained since the recovery started. Let me repeat that. The top 1 percent of wage earners have seen 95 percent of the gains since our economy has recovered. The gap between wages for low-income and middle-income families and those at the top is staggering. Forty-seven people in America own more than 160 million Americans combined. That has to change. This isn't just a Democratic observation. Even Republicans have publicly agreed with us that working families are falling behind. Let me quote a few.…”