What do our nation’s people think about wealth disparity? When 5,500 Americans were surveyed about their ideal distribution of wealth, they were invited to slice the pie any way they liked. The average proposal was to have the top quintile owning 32% of the wealth, and the bottom quintile owning 11%.This was far removed from the astounding truth, which was that the top quintile owned 84% of the wealth, and the bottom two quintiles combined owned just 0.3%. Not three percent. Zero point three percent.
When asked to choose between two anonymous pie arrangements, one of which was the American version and the other of which was the Swedish version, 92% of American respondents preferred the Swedish version. Interestingly, the answers did not vary significantly between Republicans and Democrats.
Let’s summarize the evidence so far. From about 1980 onward, there has been a markedly growing disparity of income and wealth between rich and poor, with the ultra-rich increasing their share of the pie at everyone else’s expense. When surveyed, Americans favor a much more equitable distribution of wealth than currently exists anywhere in the world, yet Americans have the worst degree of equity among industrialized nations. That is not based on speculation. It is grounded in facts. Most disturbing is this observation: what the voters want is not what their leaders are doing. I cannot imagine a more telling symptom of an ailing democracy.
From The Ailing Nation, Chapter Ten: Curiosity