Final answer:
The statement that the wealth gap in the United States is the largest on record since the 1940s is true, with significant increases in income and wealth inequality occurring since the 1980s and exacerbated by the Great Recession.
Step-by-step explanation:
The assertion that the current gap between the rich and the poor in the United States is the greatest since the Census Bureau started measuring income in 1947 is true. Economic changes since the 1980s, such as the shift away from manufacturing and the adoption of supply-side economics, have contributed significantly to the increase in income inequality. The effects of the Great Recession exacerbated the situation, resulting in a substantial portion of the economic growth benefiting the wealthiest Americans at the expense of the average citizen. This has led to feelings of poorer personal financial health, which in turn impacts various aspects of society, including health outcomes, crime rates, and psychological well-being.
Furthermore, studies suggest the United States is experiencing a second gilded age, with wealth concentration reaching highs not seen in a century. Income distribution tools like quintile measurements and Lorenz curves demonstrate the significant disparities, which are even more pronounced when examining wealth distribution. These disparities have been highlighted by data such as CEO pay increasing by over 298 percent since the 1970s, while median incomes have stagnated or decreased for most Americans.