Today, the richest one-tenth of one percent owns about as much wealth as the bottom 90 percent. One of the biggest drivers of wealth inequality is the stock market, because wealthy Americans now own about 84 percent of all stocks. So Trump’s market boom has been great for the rich. Meanwhile, the cost of health care, prescription drugs, college education and housing continues to soar.
The biggest winners from President Trump’s 2017 tax law were non-Hispanic white households in the top 1 percent. The Trump administration is now proposing to recalculate the official definition of poverty which will surely cut aid to millions of low-income Americans.
Eviscerating the social safety net will markedly increase the already unsustainable growing wealth divide.