Income inequality last year grew to its highest level in the United States in more than 50 years
The gap between the haves and have-nots in the United States grew last year to its highest level in more than 50 years of tracking income inequality, according to Census Bureau figures.
The Gini Index grew from 0.482 in 2017 to 0.485 last year, according to the bureau’s 1-year American Community Survey data. The Gini Index is on a scale of 0 to 1; a score of 0 indicates perfect equality, while a score of 1 indicates perfect inequality, where one household has all the income.The increase in income inequality comes as two Democratic presidential candidates, U.S. Sens.
“In 2018 the unemployment rate was already low, and the labor market was getting tight, resulting in higher wages. This can explain the increase in the median household income,” Sandoval said. “However, the increase in the Gini index shows that the distribution became more unequal. That is, top income earners got even larger increases in their income, and one of the reasons for that might well be the tax cut.
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