Income inequality will have a huge impact on everything
This statement comes from McKinsey publications in July and August 2016 on ‘income inequality’. This new reality means that a new generation of young people in Europe and the US risks ending up poorer than their parents. From 2005-2014 around 65-70% of the population faced flat or falling incomes. Prior to 2005, this percentage was just 2%. This means that 65-70% of the total population faced a lack of economic progress. The main causes were the aftermath of the 2008 financial crisis and the slow recovery that occurred since then. What are the implications?