Same old story. The rich get richer, the poor get poorer. The largest level of income inequality is in my home state of New York. Not surprising though, considering the large concentration of wealth that is there and obscenely exists alongside wide spread poverty.
This report is significant in that, among other things, it examines income inequality on a state by state basis. A real in depth look at the economic divide in the US.
Beyond the research and statistics, a conclusion that to me, is only reinforced by this report, is that the market economy is not fair, just or humane. The market economy can not reduce inequality. It can not do so because it needs such social and economic conditions to exist in order for it to function properly for the benefit of society’s wealthy ruling class.
This report is a damning indictment of the American economic and political system.
INCOME INEQUALITY GREW IN MOST STATES OVER PAST TWO DECADES:
Low-Income Families Lost Ground Since Late 1990s
The gap between the richest and poorest families, and between the richest and middle-income families, grew significantly in most states over the past two decades, according to a new study by the Center on Budget and Policy Priorities and the Economic Policy Institute.
In fact, the nation’s longstanding trend of growing inequality accelerated since the late 1990s as incomes fell for poor families and stagnated for middle-income families in a number of states.
Low- and middle-income families have reaped few gains since the late 1990s, despite the recent years of economic prosperity. Average incomes actually fell by 2.5% for those in the bottom fifth of the income scale and rose by just 1.3% for those in the middle fifth. Meanwhile, incomes climbed 9% for those in the top fifth.