By 2030, more than half of the world’s wealth will be controlled by its wealthiest 1%. That total would amount to around $305 trillion dollars. You don’t need an economics degree from MIT to see the countless issues this poses globally. Here in the states, It can be argued that this projection simply represents the natural cause-and-effect of a capitalist democracy. An unavoidable trickle-down; Only, the true monster glaring down upon our economic system happens to be none other than, Neo-Corporatism. America has gradually ventured away from genuine capitalism since its conception. As a result, the reach of the 1% continues to grow along with the gap in wealth created by this trend.
When you are barely surviving, it is unlikely you will thrive. This statement describes too accurately what the majority of African-Americans, Hispanic Americans, women and other disenfranchised groups experience. Wealth inequality in the U.S. can be contributed to not only a wave in Neo-corporatism but- discrimination, globalization, Trumponomics and deregulation. One year ago, the poverty rate for African-Americans was 21.2%, 18.3% for Hispanic-Americans and 8.7% for non-Hispanic Whites. That same year, the poverty for women (aged 18 to 64) was 13% in contrast to the 9.4% held by men of the same age.
The materialist culture of the 90s reared its head and left an indelible impression on our society. Many millennials today are bogged down by crippling debt, sluggish increases in wage and competitive markets. Moreover, this generation sits atop the list of emotional and neurological disorders i.e. depression and anxiety. It is not until America adopts a nationwide strategy to make education and healthcare an inclusive right that we will bridge this widening gap.
Source: U.S. Census Bureau. Current Population Survey 1968 to 2018.