We focus on wealth inequality rather than income inequality because, while both are important, wealth is a better measure of an individual or family’s long-term economic success and of their stake in society. Real property, securities, cash savings and other assets accumulate over time and can be handed down from generation to generation. A secure middle class that can afford to educate its children and has savings available for retirement as well as the proverbial “rainy day” forms the foundation of a stable, politically moderate community. Conversely, millions who have nothing to lose are comparatively susceptible to demagogues, especially if there is some basis for believing that the system is “rigged” in favor of a hereditary overclass. The United States is not a plutocracy, but billionaires — from the Koch brothers on the right to George Soros on the left — can and do punch far above their weight in U.S. politics.

Source: Washington Post July 16, 2021 15:11 UTC