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Fascinating and disheartening: GDP has risen 79% since 1980. Lower and middle after-tax income has only grown by 20% and 50%, respectively. For the very wealthy, incomes have risen 480%. The financial crisis and recovery will be harder because of this. https://www.nytimes.com/interactive/2020/04/10/opinion/coronavirus-us-economy-inequality.html?referringSource=articleShare
The economy would be different if this inequality hadn't occurred. The bottom 90% would be earning an extra $12,000/year.
Instead, "each household in this bottom 90 percent is sending a check for $12,000 to every household in the top 1 percent, year after year after year."
Instead, "each household in this bottom 90 percent is sending a check for $12,000 to every household in the top 1 percent, year after year after year."
"Living the American dream is now skin to a coin flip."
To complicate matters:
As if generational discrepancies weren't bad enough...
Take a look at the racial inequities:
So, how does all of this income inequality have an impact on the current pandemic? Well, for one: life expectancies.
Overall, our life expectancy hasn't fared as well as other developed countries. One cause is our uniquely expensive and inefficient healthcare system. But you do you, America.
