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The top 10% of wealthy Americans now control 60% of the nation’s wealth, while the poorer half of the country holds only 6%, according to a report from the Congressional Budget Office.
For much of the past decade, policymakers and analysts have decried America's incredibly low savings rate, noting that U.S. households save a fraction of the money of the rest of the world.
The 2024 U.S. election cycle was covered by TIME photographers through both portraiture of candidates and reportage of campaign events, national conventions, and election night.
Although some spoke out in favor of moderate inequality as a form of incentive, [296] [297] others warned against excessive levels of inequality, including Robert J. Shiller, (who called rising economic inequality "the most important problem that we are facing now today"), [298] former Federal Reserve Board chairman Alan Greenspan, ("This is ...
Inequality has been described both as irrelevant in the face of economic opportunity (or social mobility) in America and as a cause of the decline in that opportunity. [15] [16] Others consider that the exodus of manufacturing jobs from industrialized countries since the 1990s has been another defining factor.
A September 2014 report by the Economic Policy Institute claims wage theft is also responsible for exacerbating income inequality: "Survey evidence suggests that wage theft is widespread and costs workers billions of dollars a year, a transfer from low-income employees to business owners that worsens income inequality, hurts workers and their ...
Three cities from the New York City metro area rank in the top 10 for highest income inequality. Newark ranks third, with the highest earners making over 6.8 times as much as the lowest earners.
For rankings only factor (1) was considered. All data was sourced from the 2022 American Community Survey as conducted by the US Census Bureau. All data was collected and up to date as of July 10 ...