How bad is wealth inequality in the U.S.? It’s probably worse than you thought. As an eye-opening video that went viral over the weekend shows, not only do most Americans think that wealth is unfairly distributed in this country, they also have no idea how bad things really are.
Based on data from a 2011 Mother Jones article, based on work by Richard Norton of Harvard Business School, the video breaks down the gap between rich and poor and the gaping divide between what Americans across the political spectrum consider an “ideal” curve of wealth distribution and what exists in reality.
Originally published in November on Youtube, the video is making the rounds on the Monday after Obama signed into law $85 billion worth of government spending cuts after no deal was reached last week on sequestration. Perhaps more tellingly, it’s also the same day that Forbes magazine released its annual billionaires list, highlighting the 1,426 people who control $5.4 trillion of the world’s wealth.