Income Inequality Continues to Grow in America
A study released yesterday by the Pew Research Center found that income inequality continues to grow in America. The study compared incomes in the top 10% of households against the bottom 10% based on data from American Community Survey and U.S. decennial censuses and found that top earners now make almost 9 times more than lower income households. The study reinforces the results of previous research showing that income inequality has been growing steadily in the United States since the 1970s.
The Pew study also broke down the income statistics by ethnic group which resulted in some interesting findings:
1. Asians make more than any other ethnic group, but also have the greatest income inequality.
2. White households still make considerably more than those of Blacks and Hispanics with the gap narrowing a bit for Black families, but increasing for Hispanics since the 1970s. Both groups earned about 65% as much as whites in 2016.
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