Research from the Economic Innovation Group think-tank published this week provides fresh new evidence of America’s growing inequality. The report found that an alarming number of US citizens are suffering through recession conditions, despite overall economic growth.
Far from achieving “even anemic growth” during prime recovery years of 2011-2015, those categorized as the lowest economic tier, or “distressed communities,” experienced the equivalent of a deep ongoing recession. Roughly 16% of the population live in a community which saw a 6% average decline in employment and a 6.3% average drop in business establishments.
In contrast to these areas, America’s most prosperous communities have enjoyed a remarkable period of growth and vitality. The highest tier in terms of economic wellbeing is also the most populous, accounting for 27% of the population. 88% of these communities saw job growth, while 85% saw rising numbers of business establishments.