Today's U.S. economic inequality threatens American's very freedom. More alarming our future economic growth is being undermined. It is not just that a CEO may make 300 times more than what his workers make-there is a fundamental misbalance of haves with the have-nothings.
Edward Wolff at the New York University cites the following; the richest 1 percent Americans have 35 precent of the U.S. net worth. The next 4 percent of our population have 28 percent of the wealth while the next 5 percent of us have 14 percent net worth. The next 12 percent of Americans have the next 10 percent net worth and after that the next 9 percent have the next 20 percent of the wealth. Finally, the last 3 percent of the U.S. citizens have the net worth of 20 percent of our population.
The bottom 40 percent of U.S. citizens have nothing or even a negative net worth. They owe more money than they own. Recently the Organization for Economic Cooperation and Development documents that the richest 10 percent of Americans earn 28 percent of the U.S total income. This same group has 77 percent of the wealth in the U.S.
The math is simple if we do not balance this income disparity both our prosperity and basic liberties are threatened. Two-fifth's of our country have little choices and opportunities. It is shameful today how American's allow predatory lending, advertising and other practice exploit those have-nots. Who is vanguarding the interests of this 40 percent? Certainly not our government or the private sector. These economics have serious national security impacts and social ramifications that we, the people will have to address.
Maybe we can create a cap on billionaire's that after $5 billion, forty percent goes back to the 40 percent. Once your have several billions do you really need extra billions to feel secure? Spreading the wealth more will help all Americans and provide new opportunities to those have-nothings.
* Think income inequality is bad? Wealth gap is worse. Christopher Ingraham, Washington Post, F2, 5/24/15