Inequality has risen from 1970 to Trump − that has 3 hidden costs that undermine democracy
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. ….[READ]
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