What does the phrase Income Gap or Income Inequality mean?

The income gap is the difference in incomes between the rich and the poor. If the income gap is not very large, it benefits the economy. On the other hand, if there is an increasing gap between the rich and the poor, it will affect the economy negatively. Our income gap today is the largest it has ever been since 1928. The top 1% of Americans earn nearly 40% of the nation's collective income, while the bottom 80% only accumulated about 7% of the nation's collective income. To me, that makes my stomach turn. Why are people who probably work just as hard as eachother making such different amounts of money? Our country can be compared to others like Cameroon or Ivory Coast in means of the income gaps. I can't help but wonder what could cause such a great gap. Looking in to it, I found that one problem is that the rich only want to get richer. Businesses expand. People find ways to make themselves richer. Meanwhile, the lower class of America continue to lose their jobs to machines and to people who are willing to work for less money.

What could a wider income gap do to our country? Find out here!

                                      

Income inequality is the uneven distribution of income across an economy. The income inequality in America is damaging the U.S. economy. The rich keep getting richer and the rest keep getting more poor. The income inequality in America has skyrocketed since 1970. The rising income inequality is caused by the widening income gap between the rich and the poor. There's a simple answer to this. Let's shorten the gap. But this brings us to the same point as stated in the first paragraph. The rich don't want to shorten the gap! They just want more money in their pockets.