US wealth gap gaping wider

By Max Fraad Wolff

The United States has all the makings of a pronounced spike in income and wealth inequality. The major trends of the past eight months suggest that the least wealthy/lower earning 80% of the American population are in increasingly severe pain. The vast majority of Americans live off of labor income and possess only one significant asset: their private home.

More than four out of five of us need strong labor markets and stable or rising home prices. Our standard of living and ability to function economically rests heavily on these two pillars. However, employment is plunging, house prices have tanked and wage growth is stagnant.