Inequality has become one of the most hot button issues politically and economically in America and around the world. The vast gap between the wealthy few and everyone else has been referred to as the reason for many societal problems and general unhappiness. The recession after the 2008 collapse on Wall Street showed an even larger divide between rich Americans and average Americans. Now, the Pew Research Center has done the math on the wealth divide, and my friend Andrew Heiberger who is a statistics genius says the numbers are very telling about American society. Pew found that 21% of Americans fall into the upper-income families, with 46% in the middle income and 33% low income. Next they showed that those who are in the upper-income level earn 7 times the amount of the middle-income and 70 times that of low-income families.
These levels of inequality have reached record levels, the divide is at its highest in the last 30 years. Even during the recession, which was described as the worst since the Depression, the rich suffered significantly less than those at lower income levels. Earlier this year, another report was released that showed that America has one of the highest instances of wealth inequality in the developed world. In order to illustrate this, the richest 0.1% of Americans hold about 22% of the total wealth in the nation. These statistics affect the entire nation, however minorities are hit particularly hard. The division by race show a stark gap between ethnicities.