America, the greatest country in the world – as repeated ad nauseam by politicians in Washington – with almost unlimited resources, sports some of the greatest disparities in social classes in the world. According to a 2015 paper published by Economic Policy Institute, the top one percent (1%) earns on average 26.3 times more than the rest (the 99%); the gap between those two groups was 25.3 just a couple of years prior (2013). That gap continues to widen more and more every passing year. According to the New York Times, the richest one percent (1%) in America own more wealth than the bottom 90 percent. By contrast, in UK, the richest 10% earn just 9.6 times the income of the poorest 10%. In France where inequality is considered pronounced, the top 20% earn just five times more than the bottom 20%. US is by far where the problem of disparity is the worst.
To put it in perspective, let’s take a snapshot of the situation in US of a moment of time. In 2015 according to available data, there were approximately 325 million people living in the United States, 160 million households as tabulated by the Internal Revenue Services (IRS), 1.6 million of which fell into the 1% bracket, the other 158.4 million households represent the 90% referred to in this discussion. Here is what would translate to in actual numbers; if all of us (the 90%) were to own$158.4 million in assets (savings accounts, checking accounts, piggy bank, etc…), each one of us would have an average one dollar ($1); by contrast, the top 1% would own on average ninety-nine dollar ($99). Put simply, each individual in the bottom 90% (i.e. most Americans) would have just one dollar, each individual in the top 1% would have $99. (Note: those numbers were for illustration purpose only; they are kept small to drive the point home. The substance however is not based on speculation, but rather on actual data provided by various groups used in this article)