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1967-1970 Income Inequality

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The level of wealth inequality from the years 1967-1970 was higher than the level of income inequality from that same time. It would seem that a higher level of wealth inequality is a standard of the American economy since it was higher than the level of income inequality in all three eras. As for the specific amount of the yearly average wealth controlled by each fractile, using the information from Fig 6, we can see that the top one-hundredth percent fractile was in possession of 72.37% of the yearly average wealth from the years 1967-1970. The next nine-hundredth percent fractile controlled 16.06% of the yearly average wealth from the years 1967-1970. The four-tenth percent fractile after them had 5.95% of the yearly average wealth from …show more content…

Then we come to the next five percent fractile; they controlled just 0.7% of the yearly average wealth from the years 1967-1970. Finally, we get to the lowly bottom ninety percent fractile; they had a meger 0.07% of the yearly average wealth from the years 1967-1970. Which made the wealth inequality ratio between the top one-hundredth percent fractile and bottom ninety percent fractile from the years 1967-1970 69,716:71. In other words, the top one-hundredth percent fractile controlled $69,716 of the yearly average wealth for every $71 of the yearly average wealth the bottom ninety percent fractile controlled for the years 1967-1970. That ratio, still very lopsided, was infinitely more equal than the wealth inequality ratio between the top one-hundredth percent fractile and the bottom ninety percent fractile before the great depression ( 356,900:100), or even worse, the wealth inequality ratio between the same two groups before the great recession (301,932:113) (Duménil, Gérard). Therefore, the evidence shows a positive correlation between inequality (wealth and income) and economic disaster (the great depression and the great

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