It’s not the first time wealthy Americans have consolidated power to dangerous levels. This is how history proves we must restore balance.

  • Date: 04-Feb-2021
  • Source: Business Insider
  • Sector:Economy
  • Country:Middle East
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It’s not the first time wealthy Americans have consolidated power to dangerous levels. This is how history proves we must restore balance.

If you were to ask the average American what she'd do if she suddenly had a million dollars, you'd likely hear a wide variety of answers. Maybe she'd finally get a new car, or maybe she'd take a long vacation, or maybe she'd pay for her kids' college education. Every one of those answers would have something in common: The person answering would want to buy something with their new fortunes.

But when billionaires push politicians to slash regulations or taxes, or to keep the minimum wage below the poverty line, they have a very different reason for wanting to grow their fortunes. Billionaires don't buy another fancy boat or a new mansion; they can already buy literally anything they want. You don't accrue billions of dollars because you want stuff “” you do it because you want power. 

How America's income inequality has widened

For the last 40 years, America's income inequality gap has widened as the wealthiest among us have added $50 trillion to their fortunes that used to go into the paychecks of working Americans. And as the fortunes of the wealthiest one percent of the wealthiest one percent of the population has grown, so has their power. 

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