Video on wealth distribution in America

March 4, 2013 at 12:53 pm 3 comments

A YouTube video has been making the rounds recently on the wealth gap in America. If you haven’t seen it yet, you should. It does a great job illustrating what Americans think wealth distribution look like in the U.S., how it should ideally be, and what it actually is.  Sadly, the reality of the wealth gap, as we’ve discussed numerous times before, is that it continues to grow.

In related news, the News & Observer reports that fewer and fewer families are saving for their children’s college education.  A recent survey by Sallie Mae found that only 50 percent of parents with children under the age of 18 were saving for college, down from 60 percent in 2010. Half of these parents said they were instead working on paying off debt and rebuilding their retirement and other savings.  In addition, many parents are falling short of the goals they set out for college savings– leaving a “savings gap” between the amount they want to have saved and the amount they actually will save by the time their children enter college.

So while the wealth gap in the United States continues to grow, the traditional avenues for advancement become more out of reach, such as college education. Not only have families’ ability to earn and save been eroded, but the cost of education has skyrocketed. These trends together mean that unless we do something to address the structural inequities build into our economy and our social, educational, financial, and other institutions and systems  we will continue to see the rich get exponentially richer while the rest of us struggle to just stay afloat. This are certainly not the ingredients for an economic recovery.

 

 

 

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Entry filed under: Economic Development, Economy, Jobs & Employment. Tags: , , , , .

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