Eva M. Clayton: “the gap in income is growing between those who have a lot of money and those who have a little money. That is…”

“the gap in income is growing between those who have a lot of money and those who have a little money. That is unacceptable in a stable and strong economy. According to Business Week, the income gap ``hurts the economy.'' Almost half of the money in America is in the hands of just 20 percent of the people. That top 20 percent is made up of families with the highest incomes. The bottom 20 percent has less than 5 percent of the money in their hands. A modest increase in the minimum wage could help the bottom 20 percent, and it will not hurt the top 20 percent. Between 1980 and 1992, income for the top 20 percent increased by 16 percent. During that same period, income for the bottom 20 percent declined by 7 percent. For the first 10 of those 12 years, between 1980 and 1990, there were no votes to increase the minimum wage. Without an increase in the minimum wage, those with little money end up with less money. That is because the cost of living continues to rise. By 1993, families in the top 20 percent had an average income of $104,616. Families in the bottom 20 percent in America only had an average income of just $12,964. That is a gap of more than $90,000. Mr. Speaker, that amount of money makes a big difference in the ability of families to buy food and shelter, to pay for energy to heat their homes, and to be able to clothe, care for, and educate their children.”