Think you know how wealth is distributed in America? Think again.
A YouTube video that's gone viral recently shows that our perceptions of who has money and how much they have is quite skewed. The poor and middle class have a lot less than most people think, while the rich have a lot more. And the Top 1% are off the charts.
The video, which has been viewed more than 3.8 million times, draws heavily on the wealth inequality work of Michael Norton and Dan Ariely, professors at the business schools of Harvard and Duke business, respectively. The duo asked Americans how they thought wealth was distributed and found that the estimated and ideal divisions of the wealth pie bear little resemblance to reality.
The piece also features a CNNMoney story on an AFL-CIO report that showed CEOs earned 380 times the average worker.
Check out the video for yourself:
Sure, the wealthy earn more money...but they work a lot harder for it.
So says a new study that found that while the income gap between the rich and poor has grown since the 1980s, the leisure divide has widened too.
Highly educated men, who generally have higher incomes, had only 33.2 hours of leisure time a week by 2007, down 1.2 hours from 1985, according to the three National Bureau of Economic MORETami Luhby - May 2, 2012 9:23 AM ET
If you've ever been out at a restaurant and have been surprised to see an additional meals tax tacked on to the bill, you are not alone. The Tax Foundation, a nonpartisan research group, just put out a report about the absurdity and complexity (two words never associated with taxes, right?) of some of these local levies.
Among the key findings: Chicago, Jacksonville, Indianapolis, Seattle, Denver and Washington D.C. are among MOREPaul R. La Monica - Mar 2, 2012 10:57 AM ET
Extreme poverty in the developing world is on the decline, according to estimates released by the World Bank. And you can thank China's powerhouse economy for most of it.
Nearly 650 million people escaped extreme poverty -- living on less than $1.25 a day -- between 1981 and 2008, according to the World Bank's survey. That poverty line is the average for the world's poorest 10 to 20 countries.
The numbers have MORETami Luhby - Mar 1, 2012 5:54 PM ET
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