The Importance of Economic Growth …
Economic growth is important for the personal and social development of South Florida residents
A new report draws a stark picture of economic inequality in the Miami metro area, where 30 full-time resident billionaires — one of the highest concentrations in the world — occupy the top of the pyramid atop deep and widespread poverty, a small and shrinking middle class and a large workforce dependent on poorly paid service jobs.
In fact, by a standard measure of economic inequality, Miami-Dade County has the second-biggest gap in the nation between the haves and the have-nots, with only New York rating worse, the report says. The Miami metro’s score on the Gini coefficient for inequality places it on a par with Panama and Colombia.
At the same time, Miami-Dade’s middle class is relatively small and shrinking steadily, the report found. Just over 43 percent of Miami households qualify as middle class, the 11th-lowest proportion among the 53 U.S. metros with populations of more than one million. And that proportion has shrunk significantly over the decades. Fifty years ago, 65 percent of local households were in the middle class, the report says.
Some words about our present and our next action
Miami’s high housing costs and predominantly low wages mean that many people struggle to pay rent or cover mortgages and have little money left over after covering monthly expenses for shelter, that previous report found. This year, the ALICE report by the local United Way found that the proportion of Miami-Dade families who earn less than what it costs to live here has surged to 40 percent.
Though Miami’s inequality is among the most extreme in the country, the report noted it’s not alone. Other cities like San Francisco and Boston that have become centers of high tech and innovation are also seeing rising inequality and a housing crunch — a problem no one has yet to crack, Florida conceded.
We must create more tech incubators, social reform learning centers and equal job opportunities. We will not let this slide by the waste side. The SClC represents you… those whom life in the Broward and Miami Dade county areas.