Do we want the next generation of politics to be dominated by the heirs of Amazon founder Jeff Bezos or Wal-Mart heir Jim Walton? If not, it'll take strong and strategic public policies to reverse these trends.
Raising the minimum wage so all full-time workers can make enough money to live on would be a start.
And overhauling the campaign finance system so the richest Americans can no longer dictate which political candidates will be viable is a crucial next step. In the 2016 presidential race, Bernie Sanders is the lone top-tier candidate who isn't receiving massive contributions from what he calls "the billionaire class."
These policies may reduce inequality, but they won't slow the concentration of wealth. Achieving that goal will require reinstituting the progressive income tax policies of previous generations. Given today's economy, this should include a wealth tax on billionaires.
America's skewed wealth is one of the most critical issues of our time. Unless we defuse this threat to our democracy, we're destined to become a society governed the sons and daughters of today's billionaires.
Chuck Collins is a senior fellow at the Institute for Policy Studies and the co-author of the report Billionaire Bonanza: The Forbes 400 and the Rest of Us.
Follow Chuck Collins on Twitter: www.twitter.com/@chuck99to1
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