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The Rich and the Rest of Us: A Tale of Two Americas

Ken Follett

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The Rich and the Rest of Us: A Poverty Manifesto

by Tavis Smiley

4.5 out of 5

Language	:	English
File size	:	815 KB
Text-to-Speech	:	Enabled
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Print length	:	234 pages

The gap between the rich and the rest of us is growing wider, and it's having a profound impact on our society. This article explores the causes and consequences of this growing inequality, and offers some solutions to address it.

The Causes of Growing Inequality

There are a number of factors that have contributed to the growing gap between the rich and the rest of us. These include:

The decline of labor unions. Labor unions have historically been a powerful force for reducing inequality, but their membership has declined significantly in recent decades. This has made it easier for employers to pay their workers lower wages and benefits.
The rise of the global economy. The global economy has created new opportunities for businesses to compete on a global scale. This has led to a decline in manufacturing jobs in the United States, and a corresponding increase in low-wage service jobs.
Changes in tax policy. Tax policies have become increasingly favorable to the wealthy in recent decades. This has allowed the wealthy to accumulate more wealth, while the rest of us have seen our incomes stagnate or decline.
The financial crisis. The financial crisis of 2008 led to a sharp increase in inequality. The wealthy were able to take advantage of the government's bailout of the financial industry, while the rest of us saw our homes foreclosed and our savings wiped out.

The Consequences of Growing Inequality

Growing inequality has a number of negative consequences for our society, including:

Reduced economic growth. Inequality can reduce economic growth by depressing demand. When the wealthy have a disproportionate share of the income, they are more likely to save their money rather than spend it. This can lead to a decline in economic activity and a slowdown in growth.
Increased social unrest. Inequality can lead to social unrest by creating a sense of injustice and resentment among the poor and middle class. When people feel that the system is rigged against them, they are more likely to engage in protests and other forms of civil disobedience.
Declining social mobility. Inequality can reduce social mobility by making it more difficult for people to move up the economic ladder. When the wealthy have a large advantage over the rest of us, it is more difficult for people to earn a good education, find a good job, and provide for their families.

Solutions to Growing Inequality

There are a number of things we can do to address the growing gap between the rich and the rest of us. These include:

Strengthening labor unions. Labor unions can help to reduce inequality by giving workers a stronger voice in the workplace. Unions can negotiate for higher wages, better benefits, and safer working conditions.
Investing in education and training. Education and training can help people to improve their skills and earning potential. This can help to reduce inequality by giving people the opportunity to move up the economic ladder.
Reforming tax policy. We need to reform tax policy to make it more fair. This means closing loopholes that allow the wealthy to avoid paying their fair share of taxes, and raising taxes on the wealthy to generate revenue for public investments.
Addressing the financial crisis. We need to address the root causes of the financial crisis, such as excessive risk-taking by banks and the lack of regulation. This will help to prevent future crises and protect the economy from the devastating effects of inequality.

The gap between the rich and the rest of us is a serious problem that is threatening our society. We need to take action to address this problem and create a more just and equitable economy.

The Rich and the Rest of Us: A Poverty Manifesto

by Tavis Smiley

4.5 out of 5