How Some Rich People Are Trying to Dismantle Inequality

[adrina]

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Ample research indicates that the growing problem of wealth and income inequality could stunt U.S. economic growth and undermine our democracy while stirring political polarization. Given that the federal government shows little interest in fighting economic inequality and many states are ill-equipped to do much about it, what else can be done? Studies have also found that the rich exert far more influence over government than the rest of us. This imbalance means that wealthy people who do something about inequality may have more power to make an impact than everybody else.

The latest official estimates indicate that the richest 10 percent held 76 percent of the nation’s wealth as of 2013. That means for every US$10, these Americans own $7.60, leaving $2.40 for the remaining 90 percent. And the concentration of wealth is only getting worse. The richest 10 percent held only 67 percent of the nation’s wealth in 1989.

There are some among these 10% that are acting to close this gap. People like Morris Pearl of Blackrock who is advocating for closing the carried interest loophole. There is a group called Patriotic Millionaires apparently - first I've heard of them - that supports increasing the minimum wage and having the wealthy pay more taxes, as well as keeping the estate tax.

As one guy, TJ Zlotnitsky (some multi millionaire dude - there's a link to more about him in the article) put it:

“My story wouldn’t be possible without the uniquely American combination of opportunity and public services that my family was able to tap into.”

I think that's a very interesting statement and one not too often realized in our tug of war between the economic and the social ends of our policies.

Some of the people we interviewed said they believed that they had found another path to make their philanthropy more effective. For example, one man admitted to himself that he might not be the best person to determine where his money should be spent. After years of giving money to charities started and run by upper-middle-class men like himself, he began giving to organizations that were started and led by the poor. In this way, he handed over his elite power to the poor, trusting that they knew better how to raise themselves up than he did.

As this example demonstrates, acting as a wealthy ally to dismantle economic inequality requires a paradigm shift. Wealthy allies said they believed that the most effective way for them to fight inequality is by willingly handing over their power to the poor. This shift can make it uncomfortable for rich people to join the movement to fight inequality. But if their efforts help preserve our democracy and our economy, it may be worth it.

I think that's a very interesting concept.

 

[BotanyBoy]

"Given that the federal government shows little interest in fighting economic inequality"

LOL they facilitate and enforce it!!!

Why would they fight it?

 

[Boxlicker101]

Most members of Congress are among that enviable 10%. Why should they do anything about it?

 

[LincolnDuncan]

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There are some among these 10% that are acting to close this gap. People like Morris Pearl of Blackrock who is advocating for closing the carried interest loophole. There is a group called Patriotic Millionaires apparently - first I've heard of them - that supports increasing the minimum wage and having the wealthy pay more taxes, as well as keeping the estate tax.

As one guy, TJ Zlotnitsky (some multi millionaire dude - there's a link to more about him in the article) put it:



I think that's a very interesting statement and one not too often realized in our tug of war between the economic and the social ends of our policies.



I think that's a very interesting concept.

and that's why I supported Bernie