Here’s a Great Way to Discuss Income Inequality With Your Kids
Reported by Dr. Sinclair Grey III
It doesn’t take a rocket-scientist to understand that the rich keep getting richer and the poor keep getting poorer. Let’s face it: When the poor actually look at their income compared to that of the wealthy, not only will they be shocked, but a bit of anger may surface.
There is a great way to illustrate the growing wealth disparity in America with your children, and that’s by using none other than a kid-favorite — pizza!
You can compare income inequality to looking at a pizza pie. As you know, a pizza pie can be divided in many ways, so for the sake of this conversation, let’s take a look at the facts using this method.
It’s reported that the wealthiest 20 percent share about 84 percent of the pizza themselves. That’s a whole lot to have, considering the bottom 40 percent of individuals receive about 0.3 percent. In a study that tried to gather the thoughts and opinions about income inequality, 5,000 Americans were asked to guess the percentage of the wealthiest Americans based on the pizza pie scenario. According to the research, the average American believed that the affluent owned 59 percent of the pizza pie. They also thought that the bottom 40 percent held on to nine percent of the nation’s wealth.
In another similar study, 55,000 Americans were asked about the CEO-to-worker pay ratio. It was concluded the median American assumed that it was 30-to-1. It’s actually 354-to-1, which means CEOs of S&P 500 companies made 354 times the average salary of rank-and-file employees in America.
As you can see, there is a significant gap within the realm of income inequality. The study looked into the differences across the board because, in reality, income inequality affects people of all races, ethnicities, and nationalities.
If an individual is born within the wealthiest environment, chances are they will achieve great wealth. Unfortunately, those born poor may only hit the middle class mark. That’s not to say that the “rags-to-riches” story isn’t feasible.