The United States is struggling with a wealth gap that is widening at a rapid pace, according to new research that shows wealth concentration has widened dramatically in recent decades and that the nation is on track to reach a record level of inequality.
The study, released on Tuesday, was commissioned by the American Civil Liberties Union and Harvard Law School and released to coincide with the 50th anniversary of the landmark Citizens United Supreme Court decision that opened the way for corporations to spend unlimited amounts of money to influence elections and government policy.
The Supreme Court ruled in 2008 that corporations and unions had the right to spend unrestricted money to advocate for or against candidates and causes.
The decision set the stage for the Citizens United election spending frenzy that saw super PACs, super-PACs, and other outside spending groups flood the campaign trail in an effort to influence voters.
“A wealth gap is growing and will soon reach historic levels, as the U.S. economy is expected to grow at 3.3 percent a year, according the Congressional Budget Office,” said Robert Kuttner, senior fellow at the Century Foundation and co-author of the report.
“The current wealth gap in the United States has grown from less than 0.5 percent in 1950 to over 20 percent today.”
This widening gap is driven by changes in the labor market and wealth creation.””
But, this wealth gap also continues to widen in the same way that income inequality has grown.
This widening gap is driven by changes in the labor market and wealth creation.”
This widening wealth gap will only get worse as the country continues to lose its manufacturing base, while income inequality continues to expand.
“The report notes that the current wealth inequality in the U, while not as extreme as in previous decades, is still “significantly greater than the wealth gap at any time in U.s history.
“It concludes that, as a nation, we are on track for a record-breaking level of wealth inequality, which will increase inequality, exacerbate poverty and inequality in general, and lead to a new era of social, political and economic instability.
The report finds that from 1950 to 2020, the top 10 percent of American households increased their net worth by more than $12 trillion, while the bottom 80 percent of households lost their wealth.
That is a rise of nearly 50 percent.
The top 1% of households have captured about a third of the total wealth, while those on the bottom 40 percent of the income distribution lost nearly one third of their wealth, the report says.
Meanwhile, the bottom 20 percent of income earners, including those at the bottom of the wealth distribution, have seen their wealth fall by an estimated $8 trillion.
The report says that as the United Sates economy continues to contract, this is likely to have a severe impact on the incomes of the bottom half of the population.”
We are witnessing a new age of inequality,” Tribe said. “
We see a widening wealth disparity in the US economy, with many workers losing their jobs and struggling to make ends meet, and we see an even wider gap in economic mobility for many of the poorest Americans.”
We are witnessing a new age of inequality,” Tribe said.
The study found that the wealthiest 1 percent of U. States households had a net worth of $5.6 trillion, which is nearly a third the amount of wealth of the lowest-income households.
The authors also note that while wealth inequality may be growing in the USA, it is also rising globally.
Inequality has surged in Asia, where countries are moving towards a model of universal basic income.
The Global Economic Outlook report also notes that countries that are experiencing rapid economic growth are also experiencing an unprecedented increase in inequality, with some countries, like China, seeing a dramatic rise in inequality.”
The next 50 years are critical for the United Kingdom, France and Germany.””
There is no better time to do that than now.
The next 50 years are critical for the United Kingdom, France and Germany.”
Read more about: