The Past and Future of Income Inequality: What Happened in the 70’s?

A great transformation of the economy has taken place since the mid-1970s. High levels of growth and profit have been generated and some people have prospered as never before. Huge fortunes have been made and spent. However, the rewards of market growth have not been evenly distributed—wages for a great number of Americans have declined, and life grew ever more difficult even at the height of the expansionary period.

Income inequality has spiked sharply and economists speak of a ‘great divergence’ between the rich and the rest of us. After the 2008 financial crisis, Americans across the political spectrum hit the streets demanding that the government do something to fix our ‘broken’ economy. We will attempt to come to some understanding about how we got to where we are today and what, if anything, can be done to make the system work for all.

Location: Franklin Electric