What's happened to income and wealth in America over the past 40 years? - Wealth and Poverty Class 1
And should we be concerned?
Good morning and welcome to the first day of class!
The questions we’ll focus on today: Is some inequality both inevitable and necessary? At what point, if ever, does it become a problem? What’s the difference between income and wealth inequality, and which is more important? How do income and wealth inequalities overlap with race and gender? And the real puzzle: why did these inequalities begin to widen so dramatically starting in the late 1970s and early 1980s, and continue widening since then?
Even though this isn’t a real classroom and I’m not with you in person, I hope you find this both enjoyable and challenging. Don’t expect to learn by just watching and listening, though. I want you to be an active learner — which means answering questions I pose and putting various puzzle pieces together. I’m not going to tell you what to think. I’m going to try to provoke you into thinking harder and more deeply.
I’ve also selected some readings for you, which are listed right after the class video. Just click on the link. They’re a mix of academic journal articles, investigative reporting, policy papers, and newspaper op-eds. My goal is to expose you to a variety of perspectives, while also showcasing different arenas in which these conversations are being held. Don’t worry if you can’t get to all of them. There’s no exam! But as I tell my students, the more you put into it, the more you’ll get out of it.
Finally, after readings and at the bottom of this page, I pose a question to you.
Ready? Here goes!
Click here for the Class 1 slides.
Looking for another session? Click the link for: Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, Class 8, Class 9, Class 10, Class 11, Class 12, Class 13, Class 14.
Select Readings:
Matthew Stewart, “The 9.9 Percent is the New American Aristocracy," The Atlantic, June 2018
Will Wilkinson, “Thinking Clearly About Economic Inequality,” Policy Analysis, July 14, 2009
Question for you: What would you have done in the $1,000 experiment — if you were the one to get the $1,000 and had to share it with someone else whose agreement was necessary in order that either of you get any? Or if you were the one to receive a share of the $1,000 from the original recipient, and had to agree in order that either of you receive any?
A huge thanks to the Wealth & Poverty team — Aarin Walker, Mariel Mendoza, Michael Wiafe, and the whole teaching crew — for getting the Spring semester up and running in these uncertain times. Another debt of gratitude to Rudy Behrens, Whittney Suggs, Michael Lahanas-Calderón, and Kyle Parker for preparing these course videos to be shared with all of you. And to Kara Segal, Court Fuller, Katie Milne, and Heather Kinlaw Lofthouse for making all this happen on this page. I’m so fortunate to be working with such talented and thoughtful colleagues.
Wow! This should be a required course for everyone in The United State of America today. Can’t wait for the next installment.
I can't believe the $1000.00 question this morning ! No BS, Yesterday an old friend, youthful retiree, hardworking, clean cut, church going family man, a stallworth to any community he'd be involved in is selling his deceased parents house . Closing on the property is days away. As a matter of course and because he and his wife are the people they are, there sits the house empty, eat off the floor clean. Ready for the new owners . The antiquated, yet we'll maintained furnace decided to quit on them in these final days of ownership. Me being a heating man and old friend he called me in a bit of a panic. Panic because of his desire to always do right by others. In this case, the other is the buyer. Who is paying a high price, due to our present economy hereabouts. I got there asap. Got the job done . Not a huge repair, but a ~$400-$500.00 upgrade. HE TIPPED ME $1000.00 ! 10 $100.00 BILLS ! FO REAL ! ! At first my response was,"Buddy, that isn't necessary. Thanks for the business. Happy to help." He insisted. I accepted. I believe the exorbitant price being paid for the house made him feel overwhelmingly lucky and flush with cash . To my point, this gentleman, I have always felt to be moral, honest and strove for that moral high ground . The tip wasn't at all necessary. Yet he hesitated not in handing it to me and let it go with that . Not another mention of it . I worked a bit late .
Met a friend for dinner . Bought . Tipped the waiter,(a friend)more than generously . Bought my son a set of tools he was longing for. Now that is real trickle down economics. Everybody won . Maybe I am missing the point of the $1000.00 exercise . But to my mind, if it were $1000.00 with no strings attached, I'd freely give my fellow participant $500.00 and expect no less be the circumstances reversed. If there were chores to be done for the $1000.00, and my fellow participant were able or not, I'd get er done within reason and equally split it also as found money. Without the morals of sharing, gifting, consideration, kindness etc. what is this life about ? Food, water, air, clothing, shelter are all somewhat gifts of this realm. Money should be considered no different . It's the lack of basic morals and the overt shortcomings of human intent which mess things up for everyone .