Although the economic costs of income inequality are substantial, the political costs may prove to be the most damaging and dangerous. Indeed, in the US, income inequality has risen to levels that threaten not only the economy’s growth, but also the health of its democracy.
BERKELEY – During the last several decades, income inequality in the United States has increased significantly – and the trend shows no sign of reversing. The last time inequality was as high as it is now was just before the Great Depression. Such a high level of inequality is not only incompatible with widely held norms of social justice and equality of opportunity; it poses a serious threat to America’s economy and democracy.
BERKELEY – During the last several decades, income inequality in the United States has increased significantly – and the trend shows no sign of reversing. The last time inequality was as high as it is now was just before the Great Depression. Such a high level of inequality is not only incompatible with widely held norms of social justice and equality of opportunity; it poses a serious threat to America’s economy and democracy.