America has faced ongoing challenges with inequality, particularly emphasized during different periods in its history. After World War II, tax policies and regulations, along with substantial investments in education like the GI Bill, contributed to a gradual reduction in inequality. This era was marked by efforts to create a more equitable society through various economic measures.

However, the shift towards tax cuts favoring the wealthy and widespread deregulation, which began in the Reagan administration, significantly reversed the progress made. In "The Price of Inequality," Joseph E. Stiglitz highlights how these changes have led to a more divided society, posing risks for the nation's future stability and cohesion.