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A comment on U.S. Suffers Sharpest Rise in Poverty Rate in More Than 50 Years. Parent comment

Re:U.S. Suffers Sharpest Rise in Poverty Rate in More Than 5... by lumost on Wednesday January 27, 2021 @01:12PM (#25931638)
Typically that would be viewed as high inequality. If the ruling class of .1% controls 99.9% of the wealth then the "average wealth" and the "median wealth" will be extremely different aka wealth inequality.
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Re:U.S. Suffers Sharpest Rise in Poverty Rate in More Than 5... by eloff on Wednesday January 27, 2021 @02:11PM (#25932472)
That would be high inequality, yes.

However, if the ruling class of 0.1% has 10% of the overall wealth, then that would be very low inequality. I would expect that to have been closer to the truth under the old USSR or the old Cuba, see the graph at: https://voxeu.org/sites/default/files/image/FromMay2014/novo... taken from: https://voxeu.org/article/inequality-and-property-russia-190...

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