The United States isn’t the land of opportunity anymore. At least not by the numbers.
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Through research, 24/7 Wall St. reported Wednesday that the U.S. has one the highest gaps between the rich and the poor, showing that rising to the top isn’t such an easy thing to do.
Using the Gini index — which shows the gap between a perfect economy's equality, where incomes are the same, and the countries current equality — found the U.S. to be listed fourth on the list. Turkey, Mexico and Chile ranked just ahead of America.
“Despite being one the world’s wealthiest nations with the third highest GDP per capita … the U.S. still had one of the developed world’s largest income gaps,” 24/7 Wall St. reported. “In each of the last two years, labor force growth has been less than 1 percent, as Americans exited the workforce and the population continued to age.”
Is this inequality bringing the United States back to an earlier time? Gary Burtless of Real Clear Markets wrote Wednesday that the rising inequality might be making the U.S. more like it was in the 1920s.
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