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The Risk of Wealth and Income GapsThe American Income and Wealth Gap The issues and events represented in the broadening public discussions about “wealth and income disparities” or the “wealth divide” or the “1% and the 99%” are certainly top-of-mind for many people as we created this Hot Topic in October 2011. These are certainly not new issues, but for many Americans the Great Recession is intensifying some of the troubling aspects of income inequality and certainly the obvious wealth inequality in the USA today. The essence of the American Dream has been about the assurance of equal access to quality education, the enjoyment of a good income (“living wages”), access to affordable healthcare, and the means to acquire a home of one’s own. These have been the traditional pathways to building personal and family wealth at least since years of the Great Depression. In the “Era of Prosperity,” after World War II, the American middle class emerged in great numbers. Thanks to equal access to credit and capital, steadily increasing wage levels for workers, and reasonably-priced housing and durable goods, attaining higher levels of education, among other things, each generation could expect to be better off than the previous. Until now. What most Americans believed to be “financial fairness” for a rising middle class has been fading away since the financial sector crisis of 2008-2009, if not in reality, than in the perceptions of many people. In contrast, the 1947 to 1975 years, as author Robert Reich points out in his book, “Aftershock,” was an era when the benefits of economic growth were more broadly shared. But since 1975, the economic gains have been steadily concentrated in the upper income and wealth regions of the US economy, and the middle-class and lower income earners have been missing out on the dividends paid by (among other things) the end of the Cold War and the onset of globalization that followed. Unemployment is stuck at the 9% level; and, many Americans are under-employed, working two jobs, or out of work for so long that they have given up on finding a job. Which leads to more financial stress on millions of families. As the former Secretary of Labor writes, “None of us can thrive in a nation divided between small number of people receiving an ever larger share of the nation’s income and wealth and everyone else receiving a declining share…” We agree. Real opportunity and access – and not that portrayed today by certain pandering politicos – has been slipping away for millions of Americans. The Capitol Hill rhetoric does not square with the facts on the ground -- the statistics and facts and consumer surveys paint a different picture, first in the facts, and more recently, in the perceptions held by many Americans. Not About Wealth Re-Distribution This reality of diminishing economic returns is not about income or wealth re-distribution, or pursuing socialist or left-leaning political ideologies or policies, or schemes to tax the rich. This is about both the reality and perception of financial fairness and equity, and equal access to economic opportunity, which many middle-class and low-to-moderate income earners now believe is no longer the American Dream for them. This is a potentially dangerous social condition and one that our policymakers – or the fortunate affluent and wealthy -- should not ignore. As this introduction is prepared, the Occupy Wall Street protests are in their third month, with hundreds of other cities and communities seeing demonstrations on their main streets. The protests so far have been peaceful and civil if not raucous at times. The movement has spread to other countries. Earlier in 2011, citizen protests were staged in the Middle East – in the Arab Spring, young and old protested against repressive government policies and the lack of economic opportunity for the masses in Tunisia, Libya, Egypt, Bahrain, and Syria. A major part of the complaints: lack of jobs, and lack of or unequal opportunity in terms of income and wealth-building, as well as the desire for more democratic rule. There is now abundant news & commentary about the income and wealth divide in the United States, as well as a growing gap between rich and poor in many other countries. We are bringing you the highlights of this issue in this Hot Topic, because we believe that everyone should be tuned in to this critical social issue, which threatens the well-being of the nation, and individuals in all socio-economic categories. The solutions are not easy, or simple, or something government can prescribe. All Americans have to address the issues – and some of us will have to give a little to get back on track. We cannot afford to lose the Millennial Generation (born 1975-2000) – the young people who seek the opportunities that their parents and grandparents enjoyed. The editors have been focused on the issues surrounding the income and wealth divide for some time – this Hot Topic is being added to Accountability Central as the issues continue to gain momentum. We will be offering commentary in a running series, “The Divide – Danger Ahead.” We welcome your comments – send to: info@accountability-central.com
Introduction: November 2011
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Latest on The Risk of Wealth and Income GapsJune 21, 2022 Global inflation: Five ways US rate rise will affect youSource: BBCThe US central bank has announced its biggest rate hike in nearly 30 years as it ramps up its battle to bring soaring consumer prices under control. June 17, 2022 Amid record inflation, 36% of employees earning $100,000 or more say they are living paycheck to paycheckSource: CNBCThirty-six percent of U.S. employees with salaries of $100,000 or more are living paycheck to paycheck — twice as many who said they were in 2019, according to a survey June 16, 2022 Kroger Is Facing Backlash for Having This in StoresSource: Best LifeThe suit claims that a number of the grocery chain's private-label products contain high levels of lead, and that Kroger has failed to warn shoppers of "the presence of chemicals, including lead" in several of its store brand... June 7, 2022 Mortgage rates fall a third week in a row as housing market tilts in homebuyers’ favorSource: Yahoo FinanceThe rate drop — the third in as many weeks — was slight but still meaningful given rising home prices and generally higher borrowing costs. May 9, 2022 A feeling of economic doom is going around. And there isn’t much we can do other than sit back and watchSource: CNN PoliticsThere are plenty of reasons for that feeling of economic doom that’s going around: Worst start for the stock market in 80-plus years; Highest inflation in 40-plus years. Largest single interest rate hike in 20-plus years. Dimmest... May 6, 2022 The Fed is owning the inflation problemSource: AxiosHe started the session by staring into the camera and telling the American people that inflation is too high and the Fed is determined to bring it down. Later, when asked a question about what other branches of government could... May 5, 2022 A record 4.5 million Americans quit their jobs in MarchSource: CNN BusiessThe number of quits increased most significantly in the professional and business services sector, as well as construction. The overall quits rate moved up to 3%, a level not seen since December 2021. May 5, 2022 Supply chain issues worsening, report says, pushing inflation higher: How your wallet could be impactedSource: Fox BusinessAs inflation continues to surge across the U.S., many consumers report that they've struggled over the past year with price increases as well as shortages in common goods, a new report from business intelligence company Morning... May 3, 2022 Americans are showing inflation fatigue, and some companies see a breaking pointSource: Fox NewsExecutives running some of the world's biggest retailers, manufacturers and consumer-products makers say they are seeing signs that people are becoming less willing to absorb price increases. May 2, 2022 The Great Resignation is becoming a “great midlife crisis”Source: VoxWith prices soaring and analysts predicting a recession on the horizon, it might not seem like the best time to quit your job. But that’s not keeping American workers, especially older, more tenured ones, from doing so. The Risk of Wealth and Income Gaps |
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