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In recent years, the issue of economic inequality in America has been a highly talked about topic. Despite its prevalence, it is encouraging to see that there are signs of improvement. According to a recent report released by the U.S. Census Bureau, American inequality is finally lessening.
The report found that the U.S. poverty rate declined to 10.5% in 2019, a 1.3% drop from 11.8% in 2018. This is the lowest poverty rate since the bureau began first tracking the figure in 1959. Additionally, median household income in the U.S. rose 4.2% in 2019 to $68,703, the largest one-year increase in the history of the survey.
The report attributed the poverty rate decrease and increased median household income to the Trump Administration's tax cuts, as well as increased wages due to the tight labor market. Further, the report found that the number of people without health insurance decreased by 2.3 million, down to 8.9%.
The news of these reported figures is encouraging, as they demonstrate that economic disparities are slowly being addressed. While the figures still do not reflect an equal playing field, it is a step in the right direction.
Furthermore, the report also showed that the gap between high and low earners is narrowing. This is seen in the fact that the number of households earning over $200,000 annually fell by 2.2%. On the other hand, households earning under $30,000 annually rose by 2.1%.
The results of this report are a much-needed glimmer of hope in the midst of a troubling global economic situation. As the world continues to grapple with the effects of the coronavirus pandemic, it is clear that economic inequality in the U.S. has been lessening. This is a positive sign for a brighter future, as it highlights that even in challenging times, progress is still possible.