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The explosion in U.S. wealth inequality has been fuelled bystagnant wages, increasing debt, and a collapse in assetvalues for the middle classes

Saez, Emmanuel and Zucman, Gabriel (2014) The explosion in U.S. wealth inequality has been fuelled bystagnant wages, increasing debt, and a collapse in assetvalues for the middle classes. LSE American Politics and Policy (29 Oct 2014). Website.

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Abstract

Income and economic equality have been on the rise in recent decades – but has this trend been fuelled only by increasing pay packets for the richest, or has wealth inequality risen as well? Emmanuel Saez and Gabriel Zucman find that over the past three decades the share of household wealth owned by the top 0.1 percent has increased from 7 to 22 percent. They write that the growing indebtedness of most Americans through mortgage and credit card obligations, combined with the collapse in the value of their assets during the Great Recession, and stagnant real wages have led to the erosion of the wealth share of the bottom 90 percent of families. They warn that without policies to reduce the concentration of wealth, such as estate taxes, within two decades the gains in wealth democratization which occurred in the New Deal and after World War II may well be lost.

Item Type: Online resource (Website)
Official URL: http://blogs.lse.ac.uk/usappblog/
Additional Information: © 2014 The Authors; Online
Divisions: LSE
Subjects: H Social Sciences > HN Social history and conditions. Social problems. Social reform
H Social Sciences > HT Communities. Classes. Races
J Political Science > JK Political institutions (United States)
Sets: Collections > LSE American Politics and Policy (USAPP) Blog
Date Deposited: 27 Nov 2014 14:10
Last Modified: 28 May 2020 23:26
URI: http://eprints.lse.ac.uk/id/eprint/60331

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