Wealth Should Trickle Up, Not Down
Income inequality in the United States hampers growth and forces up debt. In advanced economies in which investment is not constrained by scarce savings, high levels of income inequality lead automatically to either more unemployment or more debt. Such inequality undermines not only the health of the economy, but eventually also the rich.
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In recent decades, income inequality in the United States has soared. This isn’t the first time. Such high levels of wealth concentration have happened before in U.S. history, most notoriously in the 1920s but also several times in the nineteenth century. Like during these previous periods, the economy today seems to grow only when debt is also growing quickly.