Income inequality is a topic that has been the subject of many debates and discussions in recent years. The issue has been brought to the forefront by politicians, economists, and advocacy groups who argue that the widening income gap between the rich and poor is a major problem in our society. However, there is a lot of misinformation and misunderstanding about income inequality and who really makes more Money. In this article, we will take a closer look at the truth about income inequality and shed some light on the reality of who really makes more Money.
To begin with, it is true that income inequality has been increasing in the United States over the past few decades. According to data from the Census Bureau, the top 20% of households in terms of income saw their share of total income increase from 43% in 1979 to 51% in 2016. Meanwhile, the bottom 80% saw their share of total income decline from 57% in 1979 to 49% in 2016. This means that the top 20% of households are making more Money than ever before, while the bottom 80% are making less.
However, it is important to note that not all members of the top 20% are making the same amount of Money. In fact, the top 1% of households in terms of income saw their share of total income increase from 10% in 1979 to 20% in 2016. This means that the top 1% is making a disproportionately large amount of Money compared to the rest of the top 20%. In other words, income inequality is not just about the rich vs. the poor, but it is also about the very rich vs. the rest of the rich.
Another important point to consider is that income inequality is not just about how much Money people Make, but also about how that Money is earned. The top 1% of earners in the United States are primarily composed of executives, managers, and professionals in fields such as finance, law, and medicine. These individuals typically earn their Money through salaries, bonuses, and other forms of compensation that are tied to their position or performance. On the other hand, the bottom 20% of earners are primarily composed of low-wage workers in fields such as retail, hospitality, and food service. These individuals typically earn their Money through hourly wages and may not have access to benefits such as health insurance or retirement savings plans.
So, who really makes more Money? The answer is complicated. While it is true that the top 1% of households are making a disproportionately large amount of Money compared to the rest of the population, not all members of the top 20% are making the same amount of Money. Additionally, income inequality is not just about how much Money people Make, but also about how that Money is earned. It is important to have a clear understanding of these issues in order to have productive discussions about income inequality and potential solutions to address it.