Raskin says the deteriorating income for the middle class and the wealth accumulation by the top 1% is hurting the economy.
“This inequality is destabilizing and undermines the ability of the economy to grow sustainably and efficiently,”…..disparities “drag down maximum economic growth and are anathema to the social progress that is part and parcel of such growth,”
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Ugh. Get that asshat off the board, pronto. It’s not “wealth concentration” that’s hurting America, it’s wealth depletion, thanks to overt socialist restrictions on capital flows.
If wealth is “concentrating” it’s only because investors, fearful of losing what they have, are leaking available capital at a lesser rate than under water mortgaged Joe Six Pack.
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You need a new view of the world….Capital flows would be restricted not matter what given our recent debacle.
Not that i agree with what the administration is doing, but one can make a strong argument that wealth has been concentrated over the last 50 years while joey six pack has seen stagnating wages adjusted for inflation.
While his income has stayed still productivity has increased significantly. Also all the while 401ks, pensions, and health care benefits have diminished.
If the top 1% had spread the wealth around then perhaps joey six pack might be more liquid and less in debt.
A scenario like this would actually have contributed more to GDP and helped people get through this slow patch with greater ease.
It is not a complete argument, but a plausible contributing factor to our condition.