Where the 1% Lives. Areas with large income gaps have more unstable communities

From latest Time Magazine “A study from the IMF found that countries with small income gaps tended to have more stable growth and fewer financial crises than those of high levels of inequality. That seem to be the case among US states as well. On average, the 10 states that the census found to have the smallest income gaps had an average unemployment rate of just 6%, nearly a third lower than the 8.9% unemployment rate in the 10 states where the income gap was the most extreme. State with large income gaps like Florida and California also had the biggest housing bubbles–and crashes”