Saturday, September 29, 2012

Mayor Bloomberg Unfazed By Growing Income Gap In New York City:

Manhattan’s income gap now rivals many third-world nations — but Mayor Michael Bloomberg doesn’t mind.

“That’s not a measure of something we should be ashamed of,” Bloomberg told reporters at a press conference on Staten Island Thursday, when asked about new census data out last week.

The latest numbers show the gap between the city’s rich and poor is on the rise, with the median income for the bottom fifth of New Yorkers down to less than $9,000 in 2011, while the top fifth of households made a median $200,000.

The disparity was even starker in Manhattan, where the top-fifth earners took in nearly $400,000, versus less than $10,000 for those in the bottom fifth — meaning the wealthiest residents now make more than 40 times as much as those on the bottom rung. That's on par with many Sub-Saharan African nations, the New York Times noted.

Bloomberg, however, dismissed the criticism and said there's nothing wrong with the city's uber-rich.