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The Great Recession also caused a drop of 36% in median household wealth, but a drop of only 11% for the top 1%, further widening the gap between the top 1% and the bottom 99%. [ 16 ] [ 15 ] [ 17 ] According to PolitiFact and other sources, in 2011, the 400 wealthiest Americans had more wealth than half of all Americans combined.
A December 2011 Gallup poll found a decline in the number of Americans who rated reducing the gap in income and wealth between the rich and the poor as extremely or very important (21 percent of Republicans, 43 percent of independents, and 72 percent of Democrats). [190] Only 45% see the gap as in need of fixing, while 52% do not.
In 2019, the Cato Institute's "Welfare, Work, and Wealth National Survey" concluded that an overwhelming majority of Americans believe the government to be incapable of fighting poverty and that existing welfare expenditures are insufficient or inefficiently distributed. 70% of respondents, across the political spectrum, perceive addressing the ...
Global share of wealth by wealth group, Credit Suisse, 2021 Share of income of the top 1% for selected developed countries, 1975 to 2015. Economic inequality is an umbrella term for three concepts: income inequality, how the total sum of money paid to people is distributed among them; wealth inequality, how the total sum of wealth owned by people is distributed among the owners; and ...
A study by the Brandeis University Institute on Assets and Social Policy which followed the same sets of families for 25 years found that there are vast differences in wealth across racial groups in the United States. The wealth gap between Caucasian and African-American families studied nearly tripled, from $85,000 in 1984 to $236,500 in 2009.
In Rajan's view the main cause of the increasing gap between high income and low income earners was lack of equal access to higher education for the latter. [329] Several studies have found a relationship between poverty reduction and good governance. A number of articles have found linkages between poverty reduction and good governance. [330]
BLS explained the gap between productivity and compensation can be divided into two components, the effect of which varies by industry: 1) Recalculating the gap using an industry-specific inflation adjustment ("industry deflator") rather than consumption (CPI); and 2) The change in labor's share of income, defined as how much of a business ...
For example, a government predistribution policy might require employers to pay all employees a living wage and not just a minimum wage, as a "bottom-up" response to widespread income inequalities or high poverty rates. Many alternate taxation proposals have been floated without the political will to alter the status quo.