by Samir Salifou
Income inequality in America has reached levels of national embarrassment. If a government’s actions should reflect society’s desires, then somewhere along the way the American democratic process has gone awry. According to a Harvard Business School study, 90 percent of Americans believe that the income gap is too wide. There is a national consensus around fixing income inequality, and the solution isn’t difficult. First, we must raise the minimum wage and stop subsidizing low-cost jobs. Second, we must make access to a higher education affordable and attractive to youth.
The numbers are staggering. In a study conducted by Harvard Business School Prof. Michael Norton, more than 90 percent of Americans believe that the top quintile of society should hold 33 percent of the national wealth and that the bottom 40 percent should hold 25 percent of the national wealth. The real numbers are far different.
The top quintile holds more than 80 percent of the national wealth and the bottom two quintiles hold sequentially 0.3 percent of the national wealth. If 9 out of 10 Americans agree that the income gap should be narrower than it is, then this is not a partisan issue. It is an issue of national importance that needs to be addressed urgently.