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What has Caused America’s Economic Inequality and What Does it Mean for America’s Future?

In: Learning from the World

Author

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  • Zachary Michaelson

Abstract

This chapter presents the case that escalating economic inequality in the United States in recent decades has been significantly the result of a dynamic set off by government budget deficits. It then discusses the broad-reaching implications of this process for society and politics. Specifically, government deficits spur corporate profits and capital gains while decreasing investment in real assets. These corporate profits and capital gains have increasingly driven the income of the wealthiest, while underinvestment in productive assets has left the income of the economy’s workers stagnant.

Suggested Citation

  • Zachary Michaelson, 2014. "What has Caused America’s Economic Inequality and What Does it Mean for America’s Future?," Palgrave Macmillan Books, in: Joe Colombano & Aniket Shah (ed.), Learning from the World, chapter 16, pages 227-240, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37213-0_16
    DOI: 10.1057/9781137372130_16
    as

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