"Recent analyses have shown that income inequality in the US has grown steadily for the past three decades and reached its highest level on record, exceeding even the large disparities seen in the 1920s, before the Great Depression. Norton and Ariely estimate that the one percent wealthiest Americans hold nearly 50 percent of the country's wealth, while the richest 20 percent hold 84 percent of the wealth.
But in their study, the authors found Americans generally underestimate the income disparity. When asked to estimate, respondents on average estimated that the top 20 percent have 59 percent of the wealth (as opposed to the real number, 84 percent). And when asked to choose how much the top 20 percent should have, on average respondents said 32 percent -- a number similar to the wealth distribution seen in Sweden".
The author is conflating wealth and income inequality here. The data I presented was on income inequality (top 1% receive 17.1% of all income) while Norton and Ariely present wealth data (top 1% have 50% of total wealth).
Nevertheless, the point stands. Americans have their values right; they are just ignorant. I would say that is the fault of the media.
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