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Jared Bernstein: Wealth Inequality

By 01/15/08 2 comments

One percent of Americans control 22 percent of the nation’s wealth. Former Federal Reserve Chairman Alan Greenspan says a democratic society must address such inequality if it hopes to remain healthy. Are citizens concerned about the gap between rich and poor in the United States? Find out what Jared Bernstein, economist and researcher with the Economic Policy Institute and co-author of “The State of Working America,” thinks about the economic divide and “YOYO” economics.

Filed Under: wealth inequality, wealth gap, wealth, united states, rich, poverty, poor, politics, political economy, economics

2 comments so far. Add a Comment
10 weeks ago wkuBrittBaugh commented:

The term “Yo-Yo Economics” is quite interesting. It’s not surprising to see the old saying “the rich get richer” coming true, but is absurd that one percent of Americans control 22% of the nations wealth. The economic divide is growing larger and larger everyday with little help for the lower middle classes who are working with the “on your own” way of life. Recent data shows the gap is not getting smaller but staying in the middle ground. The book “State of Working America 2008/2009” gives the example that, about 60% of families that start in the bottom fifth are still there a decade later, and at the other end of the income scale, 52% of families that start in the top fifth finish there at the end of the decade. Americans do not object to the unequal outcomes if the people that are working hard are the ones that come out on top, but the economy has become completely off scale. Jared Bernstein, co author of “State of Working America 2008/2009” said, “When income concentration creates barriers to the resources and opportunities that would enable people to get ahead through their own initiative and efforts, that violates our fundamental sense of fairness.”

38 weeks ago an anonymous user commented:

The ONLY right to which ANY of us are entitled, both by the Founders and by the Creator, is the equal OPPORTUNITY to become wealthy. There never have been, nor should there be, and guarantees to equality of wealth. That comes straight out of the Marxist handbook and has no place in a discussion of democracy, republicanism, or inalienable rights. “In a democratic state, every man is the equal of every other man up to the point of exertion, and after that, every man is free to exert himself as he chooses.” William Saroyan

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