•   
  •   
  •   

Offbeat Atlanta Ranks Worst in Income Inequality in the U.S.

14:50  11 october  2018
14:50  11 october  2018 Source:   bloomberg.com

This City Has the Greatest Income Inequality in the U.S.

  This City Has the Greatest Income Inequality in the U.S. It's no longer Miami.

Boston' s income inequality ratio stands at 14.7, Brookings found. The city' s economy has grown along with the fortunes of the tech industry and money management firms like Fidelity, which are based in the New England metropolis. Atlanta ranks as the nation' s city with the biggest inequality problem.

Putting Obama' s proposed tax hike on the rich in an international context. Billionaire investor Warren Buffett has argued the U . S . must raise taxes on the rich / Reuters. Perhaps the most politically contentious aspect of President Barack Obama' s new proposed legislation

  Atlanta Ranks Worst in Income Inequality in the U.S. © Scott Dunn/Getty Images Atlanta now takes the crown as the city with the greatest income disparity in America, surpassing Miami after a two-year reign in the top spot, according to a Bloomberg analysis.

Bloomberg ranked large cities -- those with populations of at least 250,000 -- based on the Gini coefficient as calculated by the U.S. Census Bureau. The ratio measures the distribution of household income among individuals, reflecting absolute equality at zero and complete inequality with one.

Atlanta rose to the top spot for 2017 after spending the past three years in second place, followed by New Orleans. Philadelphia moved to the No. 3 spot, jumping 17 places in only one year, the sharpest negative move among the top 10 worst cities.

Blame Republican policy for American income inequality

Blame Republican policy for American income inequality Ratings firm Moody's recently dropped a bombshell report showing that rising wealth and income inequality in the United States will likely lead to lower income growth, political unrest, and a drop in the credit rating of our federal government. Moody's prediction may come as a shock to some, but this should hardly come as a surprise to anyone paying attention to the state of our country. We have a government run by politicians utterly devoted to widening the gap between the rich and the poor, and as that gap widens, our economy and our governmental institutions become less and less stable, putting our country's social, economic, and political fabric in danger.

Not only was income more equally divided in the colonies, but Americans across the economic spectrum tended to be richer than their European counterparts. Some would argue that income inequality is an acceptable sacrifice to make in return for income mobility — the ability for children

Income inequality in the United States has increased significantly since the 1970 s after several decades of stability, meaning the share of the nation' s income received by higher income

Income inequality worsened the most in St. Petersburg, Florida, which moved up 37 spots from the year-earlier period. Irvine, California, improved the most in terms of ranked positions, moving down 45 spots on the inequality ladder. Chandler, Arizona, was the only new city to join the list after meeting the minimum population requirement to be included. More than half of all cities on the list showed a tightening among the income brackets.

Atlanta has been building to the top spot, making it far from unexpected, said Alan Berube, senior fellow and director of the Brookings Institution’s Metropolitan Policy Program. The home of several Fortune 500 companies, including Delta Air Lines Inc. and Coca-Cola Co., the city boasts extreme wealth, with many executives earning top-dollar salaries.

Here's how much you have to earn to be considered upper class

Here's how much you have to earn to be considered upper class Pew Research Center breaks down how much money you have to earn each year to qualify as upper-class, or upper-income, in the United States, depending on the size of your family.

Atlanta ranks as the nations city with the biggest inequality problem. Its income inequality ratio is 18.1, with residents at the 20th percentile "The most astonishing changes in the mid-2010 s occurred among high- income households in a few cities characterized by booming technology economies."

Atlanta now takes the crown as the city with the greatest income disparity in America, surpassing Miami after a two-year reign in the top spot, according to a Bloomberg Irvine, California, improved the most among ranked metro areas. Income inequality worsened the most in St. Petersburg, Florida.

At the same time, many individuals work low-paying jobs in the hospitality and retail sector. The city’s poverty rate sits at 24 percent -- or nearly one in four people, according to the U.S. Census Bureau.

Creating new jobs and improving the skill level of workers will help address these income gaps over time, according to Daron Acemoglu, economics professor at the Massachusetts Institute of Technology who specializes in economic inequality.

"A lot of cities have been adversely affected because industries they specialize in have been hard hit by either automation, robots or globalization," Acemoglu said. "That has had most of the negative affects on the lower-skill workers."

About 18 percent of households in Atlanta earn $150,000 a year or more, compared with 9.3 percent of households who make less than $10,000 annually.

"Every city has some of these economic extremes. Atlanta just has them in spades," Berube said. "At the high end, it looks like one of the most successful American cities, like a San Francisco or a New York or a Washington. But at its low end, one of America’s poor cities."

Residents With Lower Incomes Pay a Higher Effective Tax Rate: Study

Residents With Lower Incomes Pay a Higher Effective Tax Rate: Study In low- or no-income tax states, residents still have to pay fees and other taxes – leaving poor people burdened with a higher effective tax rate.

A comprehensive index from the World Economic Forum finds that for such a rich country, America isn't doing all that well at creating prosperity.

Out of 141 countries, the U . S . has the 4th-highest degree of wealth inequality in the world, trailing only Russia, Ukraine, and Lebanon. Yet the financial industry keeps creating new wealth for its millionaires. According to the authors of the Global Wealth Report, the world’ s wealth has doubled in ten years

In the No. 2 New Orleans, more than 9.1 percent earn $150,000 or more, while 15.1 percent earn less than $10,000.

In Philadelphia, 8.2 percent earn $150,000 or more while 19.5 percent earn incomes at the bottom.

"Philadelphia is gentrifying right now. It was a poorer and struggling city for quite a long time, and now, there are more high-paying jobs and more amenities in and around the center," Berube said. "Vast amounts of North Philadelphia still have high levels of unemployment."

To contact the reporters on this story: Sarah Foster in Washington at [email protected];Wei Lu in New York at [email protected]

To contact the editors responsible for this story: Brendan Murray at [email protected], Alex Tanzi

For more articles like this, please visit us at bloomberg.com

©2018 Bloomberg L.P.

The Day in Sports Photos .
The Day in Sports Photos

—   Share news in the SOC. Networks

Topical videos:

This is interesting!