First, let’s start with some statistics: Over the last 30 to 40 years, every major statistical measure of income inequality in the United States has increased significantly, now approaching the same extreme levels as prevailed before the Great Depression. If you visit inequality.org, the charts speak for themselves.
Over the last third of a century, the income share for the top 1 percent has doubled while the poverty rate has remained the same. The richest Americans have experienced the fastest income growth while middle class incomes have stagnated (imagine if middle class incomes had doubled and what that would mean for home ownership). From 1979 to 2017, worker productivity has increased by 138 percent while worker hourly compensation has increased by only 23 percent. The difference in wealth creation has gone to the top. In 1965, CEOs made 24 times the wages of the average production worker; in 2019, they made 185 times the average salary.