The rich are getting richer and poor are getting poorer in US. The top 1 percent of families took home 26 times as much income as the bottom 99 percent in 2015.
These economic gaps are the product of our policy choices. The massive concentration of wealth and income among rich is not seen since World War II.
This inequality is bad for everyone including the rich. This inequality depresses the economic growth and give rise to criminal behavior.
The children from bottom 40 percent are missing out on pricey educational opportunities, leading to lower productivity and lower wages. This also hurts rich as poor people cannot afford the products produced by rich.
It is also true that inequality boosts GDP in developing economies by allowing wealthy entrepreneurs to invest more and spurs growth, but not in US.
The society is divided between rich and poor, educated and uneducated, winners and losers. Some of these “losers” think that this game is rigged and not fair and it is not in their interest to play game by rules. This gives rise to crime.
I also believe to some extent that rich are rich because they work harder, smarter and more productively than others. It depends on their talent, ability and merit.
This is the result of capitalist system we have chosen. So inequality is natural outcome of our system chosen by our elected representatives. We have elected them. So ultimate blame is on us.
Ashok Patel, Tullahoma