Wealth Gap Is Widest In Some Affluent US Cities

WASHINGTON (AP) – The gap between the wealthy and the poor is most extreme in several of the United States’ most prosperous and largest cities.

The economic divides in Atlanta, San Francisco, Washington, New York, Chicago and Los Angeles are significantly greater than the national average, according to a study released Thursday by the Brookings Institution, the Washington-based think tank. It suggests that many sources of both economic growth and income inequality have co-existed near each other for the past 35 years.

These cities may struggle in the future to provide adequate public schooling, basic municipal services because of a narrow tax base and “may fail to produce housing and neighborhoods accessible to middle-class workers and families,” the study said.

“There’s something of a relationship between economic success and inequality,” said Alan Berube, a senior fellow at Brookings. “These cities are home to some of the highest paying industries and jobs in the country.”

Read more at http://www.philly.com/philly/business/homepage/20140220_ap_9abeed9da7e24c51a0a078a9ca8c73b9.html#fRdwGmPM2m6ZEQji.99

Pittsburgh #2: Top 10 Cities To Achieve The American Dream

A map of Pittsburgh, Pennsylvania with its neighborhoods labeled. For use primarily in the list of Pittsburgh neighborhoods. (Photo credit: Wikipedia)

One of the most important lessons from today’s blockbuster social mobility report is that place matters. (And, because your parents choose the place where you’re born and live, parents matter.)

Tucked into the appendix are two colorful maps of America that tell you where social mobility—the chance to move up the income ladder, a.k.a. The American Dream—is living and where it’s not. First, the graphs. Then, five facts. [Glossary: Absolute upward mobility measures how children stack up to their parents. Relative mobility measures their chances of moving up or down the income ladder relative to their peers. Different measures; similar stories. Lighter colors suggest higher mobility.]

To check out the rankings and maps, click here: http://www.theatlantic.com/business/archive/2014/01/the-geography-of-the-american-dream/283308/

Signs Of Declining Economic Security Widespread

President Barack Obama announces the Economic Recovery Advisory Board. (Photo credit: Wikipedia)

WASHINGTON — Four out of five U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.

Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor and loss of good-paying manufacturing jobs as reasons for the trend.

The findings come as President Barack Obama tries to renew his administration’s emphasis on the economy, saying in recent speeches that his highest priority is to “rebuild ladders of opportunity” and reverse income inequality.

Hardship is particularly on the rise among whites, based on several measures.  Pessimism among that racial group about their families’ economic futures has climbed to the highest point since at least 1987.  In the most recent AP-GfK poll, 63 percent of whites called the economy “poor.”

Read more:  http://www.timesleader.com/news/news/710055/Signs-of-declining-economic-security-widespread

Richest 7 Percent Got Richer During Recovery, Report Says

English: Map of the United States. (Photo credit: Wikipedia)

WASHINGTON, D.C. – The richest Americans got richer during the first two years of the economic recovery while average net worth declined for the other 93 percent of U.S. households, says a report released today.

The upper 7 percent of households owned 63 percent of the nation’s total household wealth in 2011, up from 56 percent in 2009, said the report from the Pew Research Center, which analyzed new Census Bureau data released last month.

The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven’t rebounded from the plunge in home values, the report said.

Tuesday’s report is the latest to point up financial inequality that has been growing among Americans for decades, a development that helped fuel the Occupy Wall Street protests.

Read more:  http://readingeagle.com/article.aspx?id=471710

Study: Pennsylvania Income Gap Grew During The Last Decade

Map of Pennsylvania (Photo credit: Wikipedia)

HARRISBURG, PA — Pennsylvania‘s richest citizens pulled away from the state’s poorest during the go-go 1990s, and that trend continued as the bottom began to drop out of the economy, a new study concludes.

Between the late 1990s and early 2000s, the annual incomes of the richest fifth of state households grew by 7.2 percent, or $11,190, to $269,400 while the poorest fifth saw their average income fall nearly 8 percent, or $1,907, to $23,000.

Income inequality also grew between upper and middle-income families in the state. Middle-income families saw their earnings rise by just 1.9 percent between the late 1990s, compared to 7.2 percent for the richest fifth and 11.2 percent for the richest 5 percent of households, the study concluded.

Read more:  http://www.mcall.com/news/nationworld/pennsylvania/mc-pa-income-disparity-20121116,0,7043436.story