Bill Clinton shows a serious problem here....
[F]rom the end of the Second World War to about 1980, we had enough inequality to reward hard work and raw talent and creativity, and enough equality to build the world’s greatest middle class and allow poor people a reasonable chance to work their way into it.
And the distribution was the bottom 90% had 65% of the income; the top 10% had 35% of the income; the top 1% had about 9% of the income.
And those numbers have changed in the last 30 years. The 90% share has dropped from 65 to 52. The 10% share has gone from 35 to 48. The 1% share has gone from 9 to 21.
That’s a breathtaking increase in inequality, and I don’t think it’s good for our long-term stability.