A Federal Reserve survey of family finances has found that income inequality grew significantly last year to reach a three-decade high -- with the top 1% of households in America holding nearly 40% of the country’s total wealth.
These disparities have only grown during the coronavirus pandemic. A new report from the Federal Reserve System underlines how income inequities disproportionately affect communities of color. Their most recent numbers show that the median household income for a Black family stands at just $24,100, compared to $188,200 for a white household.
Congress has the power to tackle mounting income inequality and increase social mobility by prioritizing public investment, strengthening labor rights, and instituting comprehensive tax reform to ensure that the wealthiest pay their fair share.
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A Woman’s Place
