Inequality: The American What?
Increasing inequality in the U.S. is turning more and more into a fundamental problem. Those who suffer from poverty in the United States have increasingly fewer chances to leave their misery behind. Without money, there is no education or professional training, which nowadays has a higher significance than two or three decades ago. It is mostly blacks and Hispanics who are affected by this inequality. According to a study conducted by the Federal Reserve, their situation has grown severely worse over recent years, while whites were able to increase their income. That was most likely not the change that the first African-American president, Barack Obama, had in mind during his initial election campaign.
For a long time, things had been looking differently. In the 1960s, many Southerners moved to the booming industrial centers. This led to a reduction in the striking difference in income between blacks and whites. However, the downfall of U.S. industry turned the trend around again, and the financial crisis made the situation even worse. The value of private homes, often the only possession of people with a lower income, decreased significantly, while people in well-off circles had long since been profiting from security gains. Unemployment among African-Americans is twice as high as among whites. Although equally well-trained, African-Americans who do have a job earn less than non-blacks. The fairy tale of the American dream is turning into a farce.
For a long time, things had been looking differently. In the 1960s, many Southerners moved to the booming industrial centers. This led to a reduction in the striking difference in income between blacks and whites. However, the downfall of U.S. industry turned the trend around again, and the financial crisis made the situation even worse. The value of private homes, often the only possession of people with a lower income, decreased significantly, while people in well-off circles had long since been profiting from security gains. Unemployment among African-Americans is twice as high as among whites. Although equally well-trained, African-Americans who do have a job earn less than non-blacks. The fairy tale of the American dream is turning into a farce.