New York's Income Inequality Worse Than In Chile: Study

The Huffington Post reports:

A new report by the Fiscal Policy Institute called "Grow Together or Pull Further Apart? Income Concentration Trends in New York," details the vast and growing economic gap between New York's wealthiest and poorest communities.

The report states quite plainly that "New York State has the highest income inequality of all states."

By comparing income shares from four groups in 1990 and 2007, the report found that while the top 1% had made impressive gains in income level, the bottom 50% actually lost ground in earnings, which shows just how much the gap is widening.

How can a "progressive ", Blue state like New York have such a problem? As you can guess, high taxes and regulation from government wipes out the middle class.