Almost two-thirds of Americans believe now that the distance between wealthy and poor has increased in the last three years—and only think the widening gap is a positive thing. Overall U.S. income inequality has actually not been this high since 1928. The highest earning fifth of America currently earns 59.1 percent of all income, but the richest fifth holds 88.9 percent of all wealth. The brutal reality is that two-thirds of children born in the top 20 percent will stay there—while only five percent of children born in the bottom 20 percent will climb out and into the top.
Location matters as well. A child born in the bottom 20 percent in Charlotte, North Carolina has just a 4.4 percent shot at climbing to the top. A child born in the bottom 20 percent in San Jose, California, on the other hand, has a 12.9 percent chance. Race is a major factor as well.
Are we ready for change? As of February 24, 2014, 32 states are considering raising the minimum wage. It’s been 50 years since President Lyndon Johnson began the “War on Poverty.” Is it too late to restore the American Dream?
Please share your thoughts in the comments, and be sure to take a look at the infographic below to learn more.