The likelihood of getting ahead is even lower in much of the state, especially rural areas. Georgians Face Long Odds of Getting AheadĪ Georgia child born to parents at the bottom of the economic scale has no more than a 41 percent chance of reaching the middle class, and just an 8 percent chance of reaching the top. by state, metropolitan area, and county,” Sommeiller, Price, and Wazeter (2016) An estimated 93 percent of all income growth in Georgia from 1979 to 2014 went to the wealthiest 1 percent, or households making more than about a half-million dollars a year today. The lopsided gains are especially tilted to the top 1 percent, or a narrow sliver of investors, shareholders, CEOs and wealthy estates at the very top. That’s far more unequal than a few decades ago. The richest 10 percent of Georgians now bring in about half the state’s total income each year, with the bottom 90 percent of Georgians splitting the other half. Much of the problem is tied to inequality. Every Georgian blocked from success is a potential worker, entrepreneur, teacher or inventor whose talents are left on the sidelines. That uneven path to prosperity not only breaks a fundamental promise of the American Dream, it’s bad for economic growth. More worrisome, that same child has only a 41 percent chance of just reaching the middle class. In Georgia, a child born to parents at the bottom of the income scale has an 8 percent chance at best of working her way into the upper class. About 92 percent of Americans born in 1940 wound up making more in their careers than their parents, while only 50 percent born in 1980 can expect to do the same. Nationwide, it’s harder than it once was for regular people to get ahead no matter how hard they try. The simple reality is the American connection between hard work and economic reward is severed. Georgians today are working harder than ever yet struggling to succeed. It’s too hard for Georgians to get ahead. A few key points can pinpoint the gaps in today’s economy, show how it fails too many Georgians and highlight how a different approach can help more families, businesses and communities thrive. Lopsided economic growth and declining opportunity weakens communities and undermines the state’s trajectory. But the average Georgian is barely gaining ground, stuck in place or left out entirely. Today, Georgia’s economy provides high profits and decent economic gains-to some. The income inequality in New York and nationwide is a complex issue with many factors contributing to it and several implications.Ĭlick here to see how much income you need to be considered middle class in America’s 50 largest cities.Eight Targeted Investments Can Help Georgia’s People and Economy ThriveĪny case for where a state needs to go must begin with a story of where it is, where things fall short and why a different path could prove better. With a high cost of living, many middle- and lower-income households in New York are likely struggling to get by. In contrast, the wealthiest 5% of households in the New York metro area earn 24.8% of the all income, one of the largest shares among U.S. However, the share of income earned by the middle class in New York is just 13.6% – among the smallest shares for that segment of households of all U.S. The middle class is a key driver of economic growth, and a strong middle class is essential for a healthy economy. This means that 40% of New York’s households make less than $64,626 annually, and 40% make more than $107,889 annually. Census Bureau’s 2021 American Community Survey, the middle 20% of households – by earnings – make between $64,626 and $107,889 a year. The income necessary to be considered middle class varies considerably from city to city.īased on data from the U.S. Income inequality has been on the rise in the United States for decades, and perhaps nowhere is this more evident than in New York City. technology, and has been edited and fact-checked by Melly Alazraki. This article was written with the assistance of A.I.
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