I listened this morning to a segment "In Perspective: Tricia Rose on America's growing inequality" on PBS Need to Know that was disturbing. Rose reported that according to the Congressional Budget Office, between 1980 and 2007, average household income for the bottom 80% has remained relatively constant, while the top 20 has doubled, and the top 1% has nearly quadrupled. She also noted what I mentioned in a previous blog posting about the discrepancy in the drop in median wealth for different American households (white 16%, African American 53%, and Hispanic 66%). White wealth now stands at 20x that of black wealth and 18x that of Hispanic wealth.
Rose also mentioned a study from last year that described wealth as "What you own minus what you owe" which "allows people to start a business, buy a home, send children to college, and ensure an economically secure retirement."
The "Matthew Effect" appears to be in full force. The Matthew effect is the phenomenon that "the rich get richer and the poor get poorer." Before education can address this inequality the opportunity gap for young people needs to be addressed. This is a responsibility that belongs to everyone.
No comments:
Post a Comment