I found this YouTube video the other day that I’d like to share with you, as it does a great job of explaining the amount of financial inequality we have in the U.S. right now. It’s probably worse than you realize.
This is based on a study of 5,000 Americans by a Harvard business professor and economist. He looked at their perceptions of income inequality in the U.S. and then asked them what adjustments they thought necessary to make the system fair and just. The study shows that most of us are very aware of the fact that too much money is flowing to the top of the financial food chain and that something needs to be done. However, as this video illustrates, it’s worse than we think–much worse.
Unfortunately, the erosion of the middle class began back in the days before Reagan was elected to the White House. This means, the middle class has been shrinking and getting a smaller and smaller piece of the pie for at least thirty years. In other words, over half of the people alive today have no memory of the time when the American middle class was healthy, vibrant and the was the source of American greatness.
It also means that over half of all Americans aren’t alarmed at what’s happening in this country, because they see this income inequality as merely being “business as usual.” Remember, things that happen before people are born are like ancient history to them–even events that happened immediately before their births.
To most American’s, a small and weak middle class is just the way it is. To them, there’s nothing alarming about our situation because, as far as they can tell, it’s always been this way. The hill we have to climb to turn this country upright becomes steeper every day, as more people who remember middle-class prosperity die and as more American babies are born into a world where it’s considered normal for half us to scrape-by on less than 5% of the wealth in this country.
It’s hard to see a way for us to ever turn the corner and get this country back.