Addressing the Wealth Gap

Floor Speech

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Ms. MAXINE WATERS of California. Mr. Speaker, today, I have
introduced the addressing the wealth gap resolution which calls on
Congress to recognize the wealth gap and the racial wealth gap as
national economic crises and focus its efforts on their elimination.

This country is facing the widest wealth gap since 1983. The
statistics are alarming. Wealthy families make nearly seven times as
much as middle class families and 70 times as much as lower class
families. African Americans have 13 times and Latinos have 10 times
less wealth than White households. White households have $100,000 more
in retirement savings than African Americans and Latinos.

The cause of the record-level wealth gap stems from a structural
crisis that started well before the Great Recession. The recession hit,
and the housing market collapsed and made everything worse.

In the aftermath, middle-income families and people of color have had
to endure income inequality, slow wage growth, skyrocketing student
loans, and continued unequal access to quality education and barriers
to the housing market. These are problems that widened the gap and
require Congress to implement pragmatic solutions.

We cannot sit idly by and expect things to change. This is why I am
introducing the addressing the wealth gap resolution. The first step to
resolving this problem is acknowledging that it exists, and I encourage
all of my colleagues on both sides of the aisle to join and focus on
the goal of rebuilding wealth in America.

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