I am by nature an optimist and an idealist, but in recent months I have been questioning the rationality of my attitude. The current events in Washington do little to engender hope. Our Congress is approaching levels of incompetence and political pettiness that are worse than I have witnessed in my seven decades of life. Its dysfunction feeds and is fed by the increasingly superficial media. We are now in our second or third countdown to a possible government shutdown with all of the drama that 24/7 cable news can promote. All of this over an important issue? Of course not. We are still arguing about a few billion dollars in a multi trillion-dollar budget, and this year's budget to boot, half way through the year.
This drama distracts us from the reality that growing income and wealth inequality is a cancer that is silently eating our national soul.
Nobel Prize winner Joseph E. Stiglitz has an essay in the May issue of Vanity Fair titled Of the 1%, by the 1%, and for the 1%. He writes of the growing inequality of income and wealth in our nation and the potential consequences for the future. He notes that the top 1% of the people are taking in nearly 25 percent of the nation's income and control 40 percent of our wealth. The inequality has been exacerbated in the last decade. We now rank with nations such as Russia and Iran.
As inequality increases, opportunity for the 99 percent decreases and the efficiency of our economy is undermined. He cites the inequality as contributing to our unwillingness to invest in our infrastructure because the wealthy are less inclined to spend money on common needs.
The reasons for our predicament are many but they include our tax policy, the financial industry, and the fact that at the national level many legislators are in the top 1 percent and are motivated to serve the interests of their group.
Stiglitz provides more details. I recommend that you read his entire essay.
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