It’s not just Occupy Wall Street protesters that are worried about wealth and income inequality.
Now people like Bill Gross, manager of the world’s largest bond fund at Pimco, are warning that the problem is making the U.S. less productive, while star investors like Jim Chanos worry that people will have less incentive to participate in the economy if they have decided that “the game isn’t fair,” reports The Wall Street Journal’s Justin Lahart.
As noted by Société Générale strategist Albert Edwards, “you don’t have to be a communist to conclude that high levels of inequality not only adversely affects long-term growth, but also increases the economy’s vulnerability to recession.”
Despite this growing consensus, wealth and income inequality in America is still getting worse by many measures. To see what’s really happening, we encourage everyone to view our new series of charts.
While the super rich are getting richer, top marginal tax rates are well below the historical average.
Median household income has fallen around 7% since the recession, despite the stock market roaring back to new highs.
America's inequality rating has ticked higher in recent decades (0 = perfect equality; 1 = perfect inequality).
We won't even get into racial inequality, except to note that the average white American is worth 15 times as much as the average black American.
... and many other health and social problems, including higher rates of homicide, imprisonment, teenage birth, obesity, addiction, and more.
Actual wealth distribution in America is much more unbalanced than people realise -- and much worse still than they would like.
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