Five years removed from the financial crisis, many Americans still exist in a constant state of financial insecurity. Unemployment is still high, particularly for the working poor. Recent reports show that over 21 percent of people who earn under $20,000 are unemployed, nearly matching the rate for all workers during the 1930s Great Depression. Job security is non-existent, and wages have stagnated for the vast majority.
However according to Forbes magazine, the 400 wealthiest Americans are now worth a record $2.02 trillion, up from $1.7tn in 2012. As Jennifer Rankin in the Guardian points out, their cumulative wealth is “slightly bigger than Russia’s economy.”
According to Republican economics, the richer the rich get, the better off everyone else is. Using some very basic logic, it would then stand to reason that given the super rich have gained another half a trillion dollars over the past five years (a 25% increase in wealth), then everyone else should have seen similar gains.
Except of course, they haven’t.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.