Reich writes: "Chuck Collins from the Institute for Policy Studies has new data showing the majority of Americans now have less than $1,000 in their savings and checking accounts combined."
Robert Reich. (photo: unknown)
The Jaw-Dropping Realities of Our Widening Economic Divide
03 May 16
huck Collins from the Institute for Policy Studies has new data showing the majority of Americans now have less than $1,000 in their savings and checking accounts combined. If they slip on the sidewalk or have a problem with their car, they can be left penniless.
On the other side of the widening economic divide is an equally jaw-dropping reality: The 400 wealthiest Americans now own more wealth than the entire GDP of India, a nation of nearly 1.3 billion people.
The problem isn’t inequality per se. It’s the consequences of the degree of inequality: a shrinking middle class that’s increasingly frustrated and angry, a politics that as a result has become polarized and shrill, fewer opportunities for the poor to ascend into the middle class, and a democracy that’s overrun with money from the wealthy. The trend is unsustainable, politically and economically.
Bernie’s campaign is a start. But regardless of whether he’s elected president, we must be mobilized and organized to reverse this.
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