S7 E7: Gilded Age 2.0
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Wealth Disparity
- While the overall economy has grown, the distribution of wealth has become increasingly skewed towards the rich.
- Instead of higher wages for workers, a larger share of wealth generated by increased productivity is being converted into assets held by the wealthy through profits and stock appreciation.
- Tax cuts over the past 40 years, particularly on high incomes and investments (the primary income source for the very rich), have exacerbated wealth disparity.
- A 2020 RAND Corporation study estimated that if income distribution had remained consistent with the mid-40s to 1970s, the bottom 90% would have accumulated $50 trillion more, an average of $1,100 per worker monthly.
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