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"30 Harsh Facts About Income And
Wealth Inequality That Will Shock You"
by Epic Economist
"Some of the most severe economic issues facing the United States are rooted in the extreme levels of income and wealth inequality plaguing our society. Such disparities have always been a problem in the country, with an exceedingly large percentage of wealth going to an exceedingly small percentage of the population. Inequality is typically correlated with higher levels of health problems, lower quality of life, and lower life expectancy.
In recent years, affluent families have seen the value of their assets increase by almost tenfold. Meanwhile, dozens of millions of middle-class Americans have seen their buying power sharply decline – and the current economic downturn has led many to fall straight into poverty. Over the past five decades, there has been a growing concentration of ownership amongst the ultra-wealthy, and now inequality has returned to levels unseen since the beginning of the last century. Today, the richest 0.1% earn 196 times more than the bottom 90% - and they pay significantly less in taxes. On the other hand, the average worker in the U.S. is seeing their paychecks flatlining while inflation continues to push the cost of living to soar.
In 2022, the United States has more income and wealth inequality than in any other period over the past century. The fact that three multi-billionaires own more wealth than 160 million Americans should really shock all of us. According to estimates released by The Guardian, today, around 45% of all new income produced in our country goes to the pockets of the top 1%.
Despite working harder, the average American has never been poorer. Millions of families are struggling financially as living expenses reach the highest levels in over four decades. More than 60% of our nation lives paycheck to paycheck, and around 40% earn starvation wages. Even after working for their entire lives, more than a quarter of aging Americans don't have any savings and many of them believe they'll never be able to retire with dignity, while about 55% of seniors are trying to survive on an income of less than 25,000 dollars a year, as the article also revealed.
The rising inequality gap leads to a weaker economy, as well as social instability, and it proves that the U.S. has a deeply unfair system that benefits some at the back of others. We can tell that these are important issues because the elites work overtime to prevent them from being seriously discussed in our society. The mainstream media - controlled by a handful of conglomerates that decide what we see, hear, and discuss on a daily basis - tend to turn the spotlight away from these problems. But the reality is that over 70 million Americans are uninsured or underinsured, and many families have been unable to keep up with the soaring cost of healthcare and prescription drugs, which are more expensive in the U.S. than anywhere else on the entire planet. Not only 750,000 people are homeless in our nation, but 23% of U.S. households have to spend 50% or more of their limited incomes on housing. We all must understand that we have the right to create a country where the economy and the government work for each and every one of us, not only those in the top 1%.
Even though about two-thirds of Americans say that there’s too much inequality in our nation, less than 40% consider it a top priority problem for the government to address. According to analysts at Capital and Main, we often tend to overlook this matter because we don’t fully grasp just how deep the gap between the rich and the rest of us really is, or the key role the government has played in enabling that gap to grow. That’s why in today’s list, we decided to expose several stats and facts that reveal the true dimension of this alarming problem. Here are 30 Harsh Facts About Income And Wealth Inequality In America That Will Shock You."
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