By Anne Price and Jhumpa Bhattacharya, Medium
There has never been a more critical, more insistent time to reimagine and implement economic policies to address the rise of extreme racial and economic inequality, and change the rules that govern power and the concentration of wealth.
Wealth — what you own minus what you owe — acts as the buffer between temporary setback and economic catastrophe; it allows us to live and retire with dignity and security. Without savings or wealth of some form, economic stability is built on a house of cards that quickly crumbles when income is cut or disrupted through job loss, reduced work hours or wages, or if families suffer from an unexpected health emergency.
The difference in wealth holdings between the ultra-wealthy and everybody else continues to widen. Today, about 160,000 U.S. households own more wealth than the poorest 90 percent combined. And the differences in wealth between whites and people of color is at its highest level in 25 years. In 2016, the typical white household held $171,000 in wealth — 10 times that of the typical Black household, and about 8 times that of Latinx households.
We can and must steer our economy to create a just and fair society that tackles inequality and climate change, and empowers each American to share in the investments that are now hoarded by a select few. The public wealth fund is one key model that has drawn increased study as a way to address these issues.
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