This blog collects information about income inequality and places it – available to anyone interested – with alphabetical reference, on this specifically linked, Internet-accessible-and-searchable blog database, access to which is free and unrestricted. Search by keyword, i.e., Smith, poverty, using Microsoft Command f.
Friday, March 4, 2016
Sources and Information About
Income Inequality in the United States
United States today, one percent of the people take nearly a quarter of the
nation’s income. In terms of wealth rather than income, the top one percent
control 40 percent of the nation’s wealth. Millions of Americans are working
longer hours for lower wages, and yet almost all of the new income and wealth
being created is going to the top one percent. While the top one percent have
seen their incomes rise 18 percent over the past decade, those in the middle
have actually seen their incomes fall. Scholars, from the Nobel-Prize-winning Paul Krugman to the
widely respected economist James Surowiecki, have been working to analyze these
disparities. Americans are not generally aware of the extent of this income
inequality. In most developed countries, there is a direct relationship between
income inequality and the public's views about the need to address the issue –
but not in America, where income inequality is worse but the concern is lower.
The most commonly accepted measurement of income inequality, the Gini Index,
ranks the United States sixth-worst among 173 nations. Private-equity companies
are far more obviously connected to an undue concentration of wealth at the
expense of workers and communities than are collateralized-debt obligations,
which were at the core of our 2008 Great Recession. Within the one percent,
there is a top one percent that consists disproportionately of private-equity
and hedge-fund principals.