As the super rich grow even richer, inequality expert Chuck Collins says the system is broken – but it can be fixed
T
o many Americans, the economy of the past five years has been rough. Prices have soared yet pay remains stagnant. High mortgage rates have made buying a home a dismal prospect. The unemployment rate has been creeping up.
Most people have indicated they are delaying major life decisions, including having kids or switching jobs, because of the instability. But for a very small group of people, the last five years couldn’t have been any better.
The wealth of the world’s billionaires grew 54% in 2020, at the height of the pandemic. And even amid all the economic instability, the stock market has only continued to grow. This growth has largely benefited just a small number of Americans: 10% of the population owns 93% of stock market wealth.
