Issue Position: Income and Wealth Inequality

Issue Position

The good news is that the economy today is much better than when President George W. Bush left office. The bad news is that despite improvements the 40-year decline of the American middle class continues. Real unemployment is much too high, tens of millions of Americans still lack health insurance, and more of our friends and neighbors are living in poverty than at almost any time in the modern history of our country.

Meanwhile, as the rich become much richer, the level of income and wealth inequality has reached obscene and astronomical levels. In the United States, we have one of the most unequal wealth and income distributions of any major country on earth. Our inequality is worse now than at any other time in American history since the 1920s. Today, the top one-tenth of 1 percent of our nation owns almost as much wealth as the bottom 90 percent combined. One family, the Walton family of Walmart, owns more wealth than the bottom 42 percent combined. In terms of income, nearly all of the new growth since the recession has gone to the top 1 percent.

At a time when millions of American workers have seen declines in their incomes and are working longer hours for lower wages, the wealth of the billionaire class is soaring in a way that few can imagine. If you can believe it, between 2013 and 2015, the 14 wealthiest individuals in the country saw their net worth increase by over $157 billion dollars. We live in one of the wealthiest countries on earth, yet children go hungry, veterans sleep out on the streets and senior citizens cannot afford their prescription drugs. This is what a rigged economic system looks like.

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