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Income inequality on rise in major US cities

Thursday, 19 March 2015 6:23 PM [ Last Update: Thursday, 19 March 2015 6:23 PM ]

Rony Curvelo
Press TV, Miami

According to the Economic Collapse publication and many other sources, year after year the financial status of the US population is deteriorating. By 1960, the income of a single school teacher for example was enough for him to buy a home, have two cars, and raise a family. Since then, the economy has doubled but the earnings of the average American household have gone nowhere.

Another disturbing reality is that CEOs of America’s largest corporations were paid an average of about 20 times the pay of their typical worker 30 years ago and now their pay is well over 400 times. But according to this specialist from Saint Thomas University the inequality problem could be resolved through cuts and taxes.

To make matters worse the US higher education has become unaffordable to many, affecting the income of many families especially on states with a high number of immigrants like California, Texas and Florida.

According to the Brookings Institution, a Washington D.C.- based think tank, the gap between the rich and the poor in Miami is one of the largest in the United States. The study also reveals that although unemployment is decreasing in the U-S, wages are not high enough, making a dangerous decline of the American middle class.

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