The U.S. income inequality grew last year to its highest level in more than 50 years, according to Census Bureau figures.
ORLANDO, Fla. — The gap between the haves and have-nots in the United States grew last year to its highest level in more than 50 years of tracking income inequality, according to Census Bureau figures.
The Gini Index grew from 0.482 in 2017 to 0.485 last year, according to the bureau's 1-year American Community Survey data. The Gini Index is on a scale of 0 to 1; a score of"0'' indicates perfect equality, while a score of"1'' indicates perfect inequality, where one household has all the income. Even though household income increased, it was distributed unevenly, with the wealthiest helped out possibly by a tax cut passed by Congress in 2017, said Hector Sandoval, an economist at the University of Florida.
On one side, at the peak of their earnings, are baby boomers who are nearing retirement, if they haven't already retired. On the other side are millennials and Gen Z-ers, who are in the early stages of their work life and have lower salaries, Snaith said.
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