Justice

The Wealth Gap In America is Even More Ridiculous Than You Thought

The gap between the rich and middle class in America has reached record levels, according to Pew Research

The median income of upper-income families in 2013 was $639,400 and almost seven times the median wealth of middle income families. It's the widest gap ever recorded over the 30-year period the Federal Reserve has collected this data. Forty-six percent of Americans are considered middle income by Pew's research, while 21% are considered upper income.

Wealth Inequality

The wealth gap between races has also grown. In 2013, white household wealth was 13 times the median wealth of black households. In 2010, the gap was just eight times as high. This is the highest it has been since 1989.

Wealth Gap

The president addressed the racial wealth gap at his press conference on Friday.

"[W]e’ve got more work to do on that front," the president said. "I’ve been consistent in saying that this is a legacy of a troubled racial past of Jim Crow and slavery. That’s not an excuse for black folks. And I think the overwhelming majority of black people understand it’s not an excuse. They’re working hard. They’re out there hustling and trying to get an education, trying to send their kids to college. But they’re starting behind, oftentimes, in the race."

 Similarly, in 2013, white household wealth is 10 times the wealth of Hispanic households, the widest gap since 2001. That is an increase from 2010 where the gap was nine times as high.