Economic inequality inspired Occupy Wall Street, a movement that in a few short months transformed our political discourse with the concept of the “1 percent” and the “99 percent.” Today the presidential candidacy of Bernie Sanders is altering the political landscape with a call to reduce inequality.
Why does this theme resonate with so many voters? How does it intersect with other issues like social justice, national security and the environment? Is inequality irreversible?
We are living through the greatest “wealth grab” in history. But inequality is not produced by immutable forces. It’s the result of a legislative agenda promoted by the rich and executed by their political allies. The struggle to change this agenda and end inequality is inseparable from the other critical struggles of our time.
What follows are 10 facts about the 1 percent – but they’re not just statistics. They’re a paint-by-numbers picture of an economy, and a democracy, in urgent need of change.
1. Not so long ago, growth and prosperity were more widely shared in this country.
There was a time in living memory when the growth in American productivity was shared much more broadly than it is today. [...]
9. The average American owns less wealth than people in many other developed countries.
The median wealth of an American adult is roughly $34,316.
That’s far below that of adults in countries like Japan ($78,862), Luxembourg ($78,453), the United Kingdom ($75,734), Norway ($54,362), the Netherlands ($52,649), Switzerland ($43,700), and Australia ($47,477.)
10. More than one child in five lives in poverty.
The U.S. poverty rate for children is over 20 percent, higher than that of all other major developed countries. The only other nations in the OECD with similarly high rates are Chile, Israel, Mexico, Spain, and Turkey.