The Societal Impact of Inequality
The U.S. has the dubious distinction of being the most unequal of all developed countries. The gaps between rich and poor have not been seen since the Gilded Age over a century ago. The one-tenth of one percent is loaded with stocks, bonds, hedge funds, cash and property. The respected business journalist Martin Wolf writes, “An out-of-control financial sector is eating out the modern market economy from inside, just as the larva of the spider wasp eats out the host in which it has been laid.” Inequality is corroding democracy. While the upper crust has been lining their pockets the working class, if they even have a job, has been pauperized. Food and rent take up much of their paltry take home pay. Tens of millions are dependent on food stamps. The homeless population continues to grow. How long can this continue?
David Cay Johnston a former reporter for The New York Times won the Pulitzer Prize for his coverage of tax policy. He is the author of many books including Perfectly Legal, The Fine Print, Free Lunch, Divided: The Perils of our Growing Inequality and It’s Even Worse Than You Think.