Middle class more than 100k in Silicon Valley
Over $100,000 income is the biggest group. Where is the middle class.
"This is a statement that the system is broken, and that inaction will lead to ruin," said Russell Hancock, chief executive and president of Joint Venture. "It's time to start over."
The report also showed that the gap between the wealthiest and the poorest residents continued to grow. The percentage of households earning more than $100,000 a year rose to 42 percent in 2008, from 35 percent in 2002, while the number of households earning $35,000 or less rose to 20 percent, from 19 percent in the same period.
During that period, the number of immigrants to Silicon Valley grew 9 percent.
Joint Venture is among a number of California organizations calling for an overhaul of the state government to help solve California's financial problems. Last week, Joint Venture's 49-member board voted unanimously to support a convention to rewrite California's Constitution. The group and others are hoping to gain enough support to place a proposition on the ballot in June.
[ Via NYT ]