The answer to the question depends on who you ask. Almost 50 million Americans fall below the poverty line while close to another 100 million are considered “low income.” The gap between rich and poor in America is widening; while many Americans are struggling, CEO and executive pay apparently jumped significantly.
Moira Herbst for The Guardian reports that U.S. GDP figures are down almost 2% in 2013 and says that it’s an issue of demand: people just don’t have enough money to pay for stuff. Low-to-minimum wage positions are being added amid cuts of high-priority, private and government sector positions. Unemployment nationally is at almost 8%.
Despite the economic upheaval in the U.S., those who are poor still enjoy a higher standard of living compared to their counterparts in the developing world. Surprisingly, the bottom 10% in America are better off financially than many people who would be considered wealthy in India.
– David Smith