Rising Income Inequality in the US
The rich continue to get richer, but the poor continue to become poorer in the United States. Back in 2015, 1 percent of Americans who are high-income earners made 25 times more than the rest 99 percent did according to a report released by the Economic Policy Institute. One quarter of U.S. residents make less than 10 percent in an hour (Csreinicke 1). There is very wide wage difference where top officials earn more than 300 times of what their subordinates get. There are a variety of more statistics that clearly show how income inequality is continually increasing in the United States. The trend of income difference started building up after the great depression and is continuing to grow much higher. Almost every state is experiencing this issue (Csreinicke 1). Income inequality has more drawbacks than benefits and it leads to economic retrogression rather than progress but the government have the power to reduce its alarmingly widening gap in the United States.
Facts About the Problem
According to Inequality.org, income is considered by the streams of wages, salaries, interests on savings accounts, dividends from stock, business profits, rent, and other sources. But, unlike wealth, the value of assets and other possessions is not considered as income. Inequality is the uneven distribution of income among citizens or the entire population in a country (Inequality.org 1). Inequality.org presents the graph below, indicating the distribution of income among the American populations in percentages.
Fig 1: Income distribution in 2017 (Inequality.org 1).