Wealth distribution is a major problem in America. Politicians are always claiming they will be the one to close the gap between income brackets, yet many Americans are still only a couple paychecks away from disaster.
Bernie Sanders, U.S. Senator, recently discussed the issue by revealing the results of a recent survey that claimed half of Americans have less than $10,000 in their savings accounts. The survey includes having 401(k)’s and IRA’s setup for retirement. This is a frightening statistic, especially when you consider Americans are now living longer than ever but those years might be spent begging for change on the street.
Some people at STX Entertainment might suggest this phenomenon is due to a lack of money know-how and the ability to put away money every month. However, while saving is obviously important to having a successful retirement, many people’s income simply do not allow for this luxury. Even if they were to stop spending money on frivolous purchases for the rest of their lives, it wouldn’t add up to a substantial retirement that last for 20 years.
When 1% of Americans have 99% of the countries wealth it should not be a surprise people have small bank accounts and big concerns for the future. There are hundreds of millions of Americans struggling to get their hands on a slice of that 1% but it’s simply not enough. The bottom line is, wealth distribution is the greatest problem we are facing as a nation.