Studies have shown that much of the wealth in the United States has flowed into the pockets of the richest 0.1%. This includes a band of billionaires whose net worth has grown by a staggering $1.8 trillion since the start of the pandemic, according to “Evil Geniuses” by Kurt Andersen.
In 2020, former Secretary of Labor Robert B. Reich said, “America today has socialism for the rich and harsh capitalism for the rest of us.” This happens when government intervention does more to stimulate the stock market than the real economy.
Between 1980 and 2019, the share of the nation’s total wealth going to the richest 1% more than doubled while the earnings of the bottom 90% barely rose, according to the Bureau of Labor Statistics. Mediocre investment in the real economy has limited opportunity and income gains for the poor and middle class alike
Big corporations are becoming more monopolistic in today’s low interest rate…