Our Biggest Economic, Social, and Political Issue
The Two Economies: The Top 40% and the bottom 60%
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There has been no growth in earned income, and income and wealth gaps have grown and are enormous.
Real incomes have been flat to down slightly for the average household in the bottom 60%.
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The top 40% spend four times more on education than the bottom 60%.
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Those in the top 405 have benefited disproportionately from changes in asset values relative to those in the bottom 60%, becuase of their assert and liability mix.
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The polarity in economics and living standards is contributing to greater political polarity, it is also leading to reduced trust and confidence in government, financial institutions, and the media, which is at or near 35-year lows.
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The percentage of children who grow up to earn more than their parents has fallen significantly.
