The most recent data from the Luxembourg Wealth Study illustrates that the incredible inequality of wealth in America—the rich have it, and everyone else does not—has continued widening right through 2016. Republican and Democratic administrations alike have failed to reverse this most obvious of trends. In response to the alarming fact that well over 60% of our nation’s wealth is now owned by the top 5% richest people, our government is taking the following steps:
- Undermining legal protections for organized labor, which will inevitably lower the wages of working people;
- Passing an enormous tax cut that will push more wealth towards the rich while setting the stage to cut government services for the poor and middle class;
- Slashing regulations on Wall Street and corporations, so that they may engage in riskier behavior that will make them profits, while laying the burdens of that risk on the general public;
- Having the Consumer Financial Protection Bureau publicly destroy itself to demonstrate our utter contempt for the concept of consumer financial protection.
Among other things.
It’s weird that this problem just keeps getting worse.