New statistics are out that confirm what the old statistics have been telling us for years. America’s 442 billionaires did very well this past year. Their wealth increased by a whopping 18.7 percent. Meanwhile, average net worth of American households is about 95 percent of what it was in 2007. But that number is inflated, because it includes the upper crust, whose wealth skews the average. Essentially, the rest have lost ground over the past six years.
Our growing inequality is caused by numerous factors, but the point I want to make here is that even though no Republican would dare claim that this trend is healthy for our country, the economic theories and policies of the GOP have contributed significantly to it. We’ve been practicing supply-side economics since President Ronald Reagan, and it hasn’t produced the predicted trickledown of wealth. Rather, wealth has trickled up.
I would therefore challenge the Republicans — any Republican — to provide details about how they plan to deal with this dilemma. And deal with it we must, because it drives the massive national debt the GOP is so worried about. So far, though, all we’ve heard from the right wing is more supply-side economics.