The Economic Empowerment Series
6 Ideas to Bridge the Gap of Economic Inequality
Never before in our country has economic empowerment in minority communities been more vital.
But in order to be empowered financially, it is important that we develop a well-thought-out approach to economic freedom. It will not happen overnight. It takes time, patience, and understanding.
With that in mind, there are moves that can be made in order to bridge the gap of economic inequality in America.
Let’s take a look at a few of the steps that could help us achieve that goal.
One of America’s defining ideals is the idea that opportunity is available to all, regardless of where one starts on the economic ladder. However, Federal Reserve data confirms that wealth and income inequality in the U.S. is accelerating.
The Federal Reserve’s 2013 Survey of Consumer Finances show that the top 3% own 54.4% of America’s wealth, an increase of almost 45% since 1989. The bottom 90% own only 24.7% of wealth, which is a drop of 33.2% over the same time period.
Similarly, the share of total income for the top 3% of families rose when compared to 2010, but the bottom 90% of families saw their share of total income decline.
So, what are some ideas that we can research to close this gap? The Othering and Belonging institute at UC Berkeley has laid out 6 actions worth thinking about: