Closing New York City's income gap is at the top of new Mayor Bill de Blasio's agenda.
In his inaugural address, the city's first Democratic mayor in two decades said: "We are called to put an end to economic and social inequalities that threaten to unravel the city we love."
But that will be a Herculean lift. A new report from the City University of New York's Graduate Center shows that the gap has become a canyon since 1990. Median income has soared for those at the top, but it has stagnated on the lower rungs.
The wealthy are also taking a larger piece of the income pie, while the middle class is losing ground and the poor are stuck in place.
In fact, the rich are the only ones who have seen their share of the city's income grow.
The report also found that whites control more than half the income in the city, though they make up just over one-third of the population.
Latinos and blacks lag behind in terms of income earned compared to their share of the population.
First up on the new mayor's agenda? Raising taxes on the rich to pay for early education and after-school programs. Economic mobility experts point to education as one way to narrow income inequality.
The nation may be in better economic shape, but that doesn't mean Americans' paychecks are.
Median annual household income has fallen 4.4% to $52,098 in the four years since the economic recovery began.
Black Americans took the biggest income hit since the Great Recession ended.
Median household income for blacks dropped by more than $4,000 to $33,519. Whites, on the other hand, saw their median income slip just over $2,000 to $58,000.
Married couples MORETami Luhby - Aug 22, 2013 10:42 AM ET
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