Nathan Meyers in The Conversation:
America has never been richer. But the gains are so lopsided that the top 10% controls 69% of all wealth in the country, while the bottom half controls just 3%. Meanwhile, surging corporate profits have mostly benefited investors, not the broader public.
This divide is expected to widen after President Donald Trump’s sweeping new spending bill drastically cuts Medicaid and food aid, programs that stabilize the economy and subsidize low-wage employers.
Moreover, the tax cuts at the heart of the bill will deliver tens of billions of dollars in benefits to the wealthiest households while disproportionately burdening low-income households, according to analyses by the nonpartisan Congressional Budget Office and Joint Committee on Taxation. By 2033, the bottom 20% will pay more in taxes while the top 0.1% receive $43 billion in cuts.
I am a sociologist who studies economic inequality, and my research demonstrates that the class-based inequalities exacerbated by the Trump bill are not new. Rather, they are part of a 50-year trend linked to social cleavages, political corruption and a declining belief in the common good.
More here.
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