In looking at the Pew Research findings, one can understand why there is growing partisan divide. That is, there has been growing division in wealth between upper classes vs. middle and lower classes. Only the wealthy class has increased wealth since 2007. The wealthy class has enjoyed greater increase in income. 

 

The Pew Research Provided an Interesting Perspective on Income Inequality. 

• 60% of Americans say there is too much income inequality    

• A majority feel that we need to change the country’s economic system to address it

• However, it does not rank high on the public’s list for the federal government to address

• Only 40% say it is a top priority.

 

Democrats (61%) vs. Republicans (20%) say reducing income inequality is a top priority. 

Democrats (78% vs. 41%) say there is too much economic inequality in U.S.

Democrats (68%) and Republicans (77%) say that inequality is acceptable

Democrats (14%) feel U.S. economy should be rebuilt

 

Most important issues to all Americans

• 72% making health care more affordable

• 66% dealing with terrorism

• 58% reducing gun violence

• 49% addressing climate change

• 42% reducing economic inequality

• 39% reducing illegal immigration

 

Breakdown by income need to reduce income inequality

• Upper Income 36%

• Middle Income 39%

• Lower Income 62%

 

Republicans are more likely than Democrats to point to personal factors as major contributors to inequality

• Lifestyle: Republicans (60%) vs. Democrats (27%)

• Work Harder Republicans (48%) vs. Democrats (22%)

• Growing Number of Immigrants: Republicans (32%) vs. Democrats (15%)

 

Couple of other major points

• US. Economic inequality has grown. In 2018 households near the top of the income ladder had incomes that were 12.6 times higher than those near the bottom. In1980, households near the top of the income ladder had incomes that were 9 times higher.

 

Role of Federal Government and Large Business Corporations responsible for reducing income inequality

• Democrats (75%) vs. Republicans (44%) feel federal government should shoulder responsibility for reducing income inequality

• Democrats (67%) vs. Republicans (51%) feel that large corporations should take a role in reducing income inequality

 

Republicans are less convinced than Democrats that several measures could reduce income inequality

• Democrats (65%) vs. Republicans (56%) feel ensuring workers have the appropriate job skills

• Democrats (69%) vs. Republicans (36%) feel increasing taxes on wealthiest Americans would reduce income inequality

• Democrats (59%) vs. Republicans  (26%) advocate expanding Medicare

• Democrats (59%) vs. Republicans (37) advocate making college free at 2 year colleges

• Democrats (56%) vs. Republicans (26%) advocate raising minimum wage

• Democrats (38%) vs. Republicans (23%) advocate breaking up large corporations.

 

Increase Taxes on Wealthy

• All adults-64%

• 65% of Republicans

• 91% of Democrats

 

Major Changes in economic system

• All adults 67%

• Republicans 50%

• Democrats 74%

 

Trends in Income and wealth inequality

 

1. Household incomes have grown only modestly in this century 

2. Household wealth has not returned to pre-recession level

3. In 2018 Median income of U.S. households stood at $74,600 vs. 1970 $50,200. Most of the gain in household income took place from 1970-2000.

4. Share of adults who live in middle-income households has decreased from 61% in 1971 to 51% in 2019

5. From 1970-2018 upper-income households income rose from $126,100 to $207,000. (up 64%)

6. From 1970-2018 middle income rose from $58,100 to $86,600 (up 49%)

7. Lower income 1970-2018 rose from $20,000 to $28,700 (up 43%)

 

Wealth

1. U.S. families have not recovered wealth from great recession. Wealth in 2007 was $146,600. 2018, wealth is 101,800.

2. Gap in wealth between upper-income and middle and lower income has increased. Since 1983, wealth of upper rose from $344,000 to $848,000. Middle went from $102,000 to $115,200. Lower declined ($12300 to $11,300

3. Wealthiest families are the only ones to experience an increase in wealth since 2007

4. U.S. income inequality greater than other G-7 countries

 

Americans view the following as major contributors to income inequality

1. Outsourcing of jobs to other countries

2. Tax system

3. Problems with educational system

4. Not enough regulation of major corporations

5. Discrimination against racial and ethnic minorities

6. Current U.S. trade policies

 

60% of Americans say you can get ahead if you are willing to work hard