Income inequality is capturing America's economic debate.
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Income inequality is capturing America's economic debate. The widening gap between rich and everyone else has fueled unrest across the world and is becoming especially pronounced in the United States, CNBC's John Harwood reports. He points to five reasons identified by scholars of the subject. First, the digital revolution is creating enormous wealth for those with the skills to take advantage of it, while eliminating what economists call "middle-skill" jobs. Globalization is also a factor as competition from rising economies like China's, combined with lowered trade barriers, reduce prospects for American workers without advanced skills.  There's also the rise of companies like Apple and Amazon that attract revenue on a global scale — meaning jackpots for the executives who lead them and a wider pay gap with the average worker. The decline in organized labor is shrinking the power to bargain for higher wages and benefits. And finally, rising wealth confers political power, which Harwood says has allowed economic winners to reward themselves through government policies like tax cuts. Sen. Bernie Sanders took the income issue to Walmart's annual shareholders meeting Wednesday, backing a push to give workers a spot on the company's board. The presidential candidate has long pushed the retailer to boost wages and benefits, using condemnation of corporate giants as a way to separate himself from a crowded Democratic field. |
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