| Economy
Wealth Inequality: The Silent Pandemic
Since 1970, workers have seen nearly no average wage growth despite productivity more than doubling.
By Kevin Duckman, December 26, 2020
Title Image: Hyejin Kang / Shutterstock
You’ll hear some of the socialist leaning democratic candidates occasionally, but it is an otherwise underreported issue in the United States. Republicans don’t even acknowledge it, and libertarians peddle empty platitudes of advocating for government deregulation which has historically led to corporatism. All the smoke and mirrors have only exacerbated wealth inequality behind the scenes. In the United States, to the point where the top 10% of families own 77% of total household wealth in the country, while the bottom 50% held only 1% of the wealth.
This isn’t some disconnected statistic that should fly over the average worker’s head. Income inequality is the main reason for the stagnation in growth of living standards in the U.S., and wages have failed to grow for workers with increases in productivity.
This is even worse for lower income households, whose struggle to provide for themselves and their family is magnified. Another saddening result of inequality has been the surge in homelessness in the United States. I have yet to see CNN, Fox News, or any major outlets cover its severity, other than just a cursory mention of a “benefit concert” or Ryan Reynold’s donation to the cause.
The figures are staggering, such as homelessness seeing a 372% increase from 2013 to 2017 . Homeless shelters and re-housing initiatives struggle to keep up with this surge. Putting a Band-aid to the gunshot wound will only do so much, and the effects of policy prescriptions of moderate reformists are insufficient. The American people deserve better than the fruitless tug of war between the bilateral bourgeoise.
As wealth inequality deepens, we will find no solace in disconnected politicians. I hope to see Americans weighing options beyond the two party charade, and advocating for more drastic economic reforms.