Inequality of Wealth & Income in America

June 18, 2014

The consolidation of American companies is having a profound effect on the economy, leaving the middle class squeezed and struggling to maintain itself.  A recent opinion piece in The Washington Post laid out the effects of how corporate America is impacting pretty much everything in society.  Here’s an excerpt:

Since the early 1980s, executives and financiers have consolidated control over dozens of industries across the U.S. economy. From cable companies and hospitals to airlines, grocery stores and meatpackers, where once many small and mid-size businesses competed, today we see a few giants dominate. They use their power to raise prices, drive down wages and foreclose opportunity. Wealth is transferred from consumers, workers and entrepreneurs to affluent executives and shareholders.

The ongoing debate in America over economic inequality — as seen, for instance, in the Occupy movement and the success of Thomas Piketty’s “Capital in the Twenty-First Century” — is a vital one. But it is incomplete. The challenge is not limited to the decline of organized labor, tax cuts for the well-off and the increased power of Wall Street. The lack of competition in many sectors of the U.S. economy is also a powerful driver of economic disparity.

Click here to read more from The Washington Post.