over the last three decades those with low wages {in the bottom 90 percent} have seen a growth of only around 15 percent in their wages, while those in the top 1 percent have seen an increase of almost 150 percent and the top 0.1 percent of more than 300 percent.27 Meanwhile
Over the past thirty years, wage growth has significantly favored the wealthy, especially those in the upper echelons of income. Individuals earning in the bottom 90 percent have experienced a mere 15 percent increase in their wages, highlighting the stagnation faced by lower-income workers. In stark contrast, the wealthiest segments of the population have seen remarkable gains, with the top 1 percent enjoying nearly a 150 percent rise in their wages and the top 0.1 percent experiencing an astounding increase of over 300 percent.
This disparity in wage growth underscores the growing economic inequality that Joseph E. Stiglitz discusses in his book, "The Price of Inequality." The widening gap not only reflects a failed economic system but also poses risks to the stability and cohesion of society. Stiglitz argues that this division endangers not only those in lower income brackets but the overall future of our society as wealth continues to concentrate in the hands of a few.
