The vicious cycle of economic inequality
Joseph E. Stiglitz, Politico - America’s growing inequality is likely to play an important role in this election — and rightly so. Americans see that something is happening to our society: We have become increasingly divided. We may all be in the same boat — but some are traveling steerage and others first class.
Inequality is now far higher than just 30 years ago. The top 1 percent today gets around 20 percent of the nation’s income — twice what it did two decades ago. The top 0.1 percent’s share has almost tripled. Disparities in wealth are even greater [...] There is an alternative. But will our politics allow it? Will those at the top come to realize that a house divided against itself cannot stand — that this level of inequality is not in their enlightened self-interest?