According to Torsten Sløk, the chief international economist at Deutsche Bank Securities, income inequality is a major factor that has been holding back the U.S. economy for nearly a decade.The wealthy and the corporate CEOs continue to recite the mantra that wealth "trickles down."
“One important reason why the expansion since 2009 has been so weak is that wealth gains have been unevenly distributed,” he wrote. “A decline in the homeownership rate and the number of households holding stocks has dampened consumer spending growth for the bottom 90% of households.”
Per his data, the median net worth for all income percentiles except the wealthiest one dropped between 2007 and 2016, usually by double-digit amounts.
"We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both."
---- Supreme Court justice Louis Brandeis