This article is part of “Unaffordable America,” a series examining rising economic inequality in the U.S. and the policies that drive it.
The wealth gap in the U.S. is at a modern-day high.
The richest households have been rapidly multiplying their wealth over the past year. They’re buying real estate and plowing money into the stock market, including high-risk, high-reward investments. The returns have them sitting comfortably, as new tax benefits help protect their gains.
People with a tighter budget, on the other hand, have been struggling to get ahead. Prices for grocery store staples are going up, job opportunities are decreasing and once-stable careers, like those in manufacturing, are shrinking. The idea of doing better than your parents, for many, feels increasingly out of reach.
Here’s a picture of what’s going on:
The rich are getting richer … and others can’t keep up
“Stock market up so retirement funds are doing well. No struggle.”Lori, Texas
“Food and rent have increased. The cost to do anything has increased. The necessities are a struggle. Nothing going well.”Melinda, Virginia
How is the 1% growing its wealth? By investing heavily in the stock market
One reason many people feel squeezed: A dollar doesn’t go as far as it used to
“I went through all the savings I had when I wasn’t working, and what I’m doing now, it just really doesn’t leave us much room to save. We can’t really take our son out to go to the movies or family trips.”
– Jessica Miranda, a high school nurse who lives in El Paso, Texas
Costs are rising everywhere, from the grocery store…
“I’m paying $250 in groceries that used to cost $130-$150. I had to use my credit card to pay for Christmas for my kids.”Amy, Pennsylvania
…to the housing market…
“I was laid off and it’s been impossible to land a job. Had to move in with parents for a bit because there was no way I could afford living alone.”Edoardo, Florida
…to electric bills
“Spending significantly more in everything from groceries to electricity & water (local data center), medication, clothing and interest on credit cards is killing me.”Carrie, Indiana
“I’ve got an MBA, I’ve got 20 years of experience across my resume, and I’m being told that I need to submit my resume to ChatGPT for optimization to get an interview. It’s like this ‘Black Mirror’ environment.”
– Gary Keffer, a freelancer in Nashville, Tennessee, who was laid off as a VP of strategic marketing
Unemployment is on the rise, too…
…while job openings nationwide are falling…
…and hiring is strong in health care, but not everywhere else
“I grew up in a relatively middle-class family. Things that I did growing up, I can’t do them now. My daughter’s asking, ‘Are we going to Cape Cod again this summer, Mommy?’ I’m like, not this summer. I don’t think I can afford it.”
– Elizabeth Ostendorp, a teacher in Morristown, New Jersey
All of that adds up to concern about the economy
This story originally appeared on NBC News. See the full story with additional assets here.
Art direction: Leila Register, Chelsea Stahl and Zara Katz
Data and graphics: Joe Murphy, Jiachuan Wu and Melinda Yao
Development: Jiachuan Wu
Illustration: Ben Denzer
Photography: Hannah Yoon
Source photographs: Matt Gwin
Contributor: Anahita Pardiwalla
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This article is part of “Unaffordable America,” a series examining rising economic inequality in the U.S. and the policies that drive it.
The wealth gap in the U.S. is at a modern-day high.
The richest households have been rapidly multiplying their wealth over the past year. They’re buying real estate and plowing money into the stock market, including high-risk, high-reward investments. The returns have them sitting comfortably, as new tax benefits help protect their gains.
People with a tighter budget, on the other hand, have been struggling to get ahead. Prices for grocery store staples are going up, job opportunities are decreasing and once-stable careers, like those in manufacturing, are shrinking. The idea of doing better than your parents, for many, feels increasingly out of reach.
Here’s a picture of what’s going on:
The rich are getting richer ... and others can’t keep up“Stock market up so retirement funds are doing well. No struggle.”
Lori, Texas
How is the 1% growing its wealth? By investing heavily in the stock marketOne reason many people feel squeezed: A dollar doesn’t go as far as it used to“Food and rent have increased. The cost to do anything has increased. The necessities are a struggle. Nothing going well.”
Melinda, Virginia
“I went through all the savings I had when I wasn’t working, and what I’m doing now, it just really doesn’t leave us much room to save. We can’t really take our son out to go to the movies or family trips.”
- Jessica Miranda, a high school nurse who lives in El Paso, Texas
…to the housing market…“I’m paying $250 in groceries that used to cost $130-$150. I had to use my credit card to pay for Christmas for my kids.”
Amy, Pennsylvania
…to electric bills“I was laid off and it’s been impossible to land a job. Had to move in with parents for a bit because there was no way I could afford living alone.”
Edoardo, Florida
“Spending significantly more in everything from groceries to electricity & water (local data center), medication, clothing and interest on credit cards is killing me.”
Carrie, Indiana
“I’ve got an MBA, I’ve got 20 years of experience across my resume, and I’m being told that I need to submit my resume to ChatGPT for optimization to get an interview. It’s like this ‘Black Mirror’ environment.”
- Gary Keffer, a freelancer in Nashville, Tennessee, who was laid off as a VP of strategic marketing
“I grew up in a relatively middle-class family. Things that I did growing up, I can’t do them now. My daughter’s asking, ‘Are we going to Cape Cod again this summer, Mommy?’ I’m like, not this summer. I don’t think I can afford it.”
- Elizabeth Ostendorp, a teacher in Morristown, New Jersey
This story originally appeared on NBC News. See the full story with additional assets here.
Art direction: Leila Register, Chelsea Stahl and Zara Katz
Data and graphics: Joe Murphy, Jiachuan Wu and Melinda Yao
Development: Jiachuan Wu
Illustration: Ben Denzer
Photography: Hannah Yoon
Source photographs: Matt Gwin
Contributor: Anahita Pardiwalla
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