Increased Gap in Wealth Distribution between Rich & Poor under Trump
Admin.
The growth in income in recent decades has tilted to upper-income
households. At the same time, the
U.S. middle class
, which once comprised the clear majority of Americans, is
shrinking. Thus, a greater share of the nation’s aggregate income is now going
to upper-income households and the share going to middle- and lower-income
households is falling.
9
The share of
American adults who live in middle-income households has decreased from 61% in
1971 to 51% in 2019.
Pew
Research Center-
Trends
in Wealth Inequality
.
Federal tax and spending policies are worsening
the problem of economic inequality. But the tax breaks that overwhelmingly
benefit the wealthy are only part of the
problem
. The increasing
diversion of government spending toward income supports and away from
opportunity-building programs also is undermining wealth inequality.
https://www.pewsocialtrends.org/2020/01/09/trends-in-income-and-wealth-inequality/
In 2018, households in the top fifth of earners
(with incomes of $130,001 or more that year) brought in 52% of all U.S. income,
more than the lower four-fifths combined, according to Census Bureau data.
Income
inequality in the U.S. is the highest of all
the G7 nations
,
according to data from the
Organization for Economic Cooperation and Development
.
The
black-white income gap in the U.S. has
grown
over time
Overall,
61% of Americans say there is too
much
economic inequality in the country today, but views differ by political party
and household income level.
https://www.pewresearch.org/fact-tank/2020/02/07/6-facts-about-economic-inequality-in-the-u-s/
