Income Inequality Grows in U.S.
George E. Curry | 11/28/2012, 11:55 a.m.
According to the report, the major reason for the growing economic disparity has been the stagnant wages for workers in the low and middle-income brackets while wages of the highest paid employees have grown significantly.
"The erosion weakness of wage growth for workers at the bottom and middle of the income scale reflects a variety of factors," the report noted. "Over the last 30 years, the nation has seen increasingly long periods of high unemployment, more intense competition from foreign firms, a shift in the mix of jobs from manufacturing to services, and advances in technology that have changed jobs. The share of workers in unions also fell significantly.
"The consequences of growing income inequality reach beyond individual families," the report stated. "For instance, in order to compete in the future economy, states and the nation as a whole need a highly-skilled workforce. But research shows that children from poor families don't perform as well in school and are likely to be less-prepared for the jobs of the future. Moreover, as income gaps widen, wealthy households become increasingly isolated from poor and middle-income communities. This hurts the nation's sense of community and shared interests, for example, undermining support for public schools and other building blocks of economic growth."
George E. Curry, former editor-in-chief of Emerge magazine, is editor-in-chief of the National Newspaper Publishers Association News Service (NNPA.) He is a keynote speaker, moderator, and media coach. Curry can be reached through his Web site, www.georgecurry.com. You can also follow him at www.twitter.com/currygeorge.