What America has been experiencing in recent years is the opposite of trickle-down economics: the riches accruing to the top have come at the expense of those down below.21
In recent times, America has witnessed a stark contrast to the principles of trickle-down economics, where wealth collected by the affluent is expected to benefit the broader population. Instead, a growing disparity has emerged, where the financial gains of the wealthy are increasingly resulting in hardship for those less fortunate. This trend reflects a cause for concern as it indicates an imbalance in economic prosperity.
Joseph E. Stiglitz, in his book "The Price of Inequality," argues that this widening economic divide threatens the stability and future of society. He highlights how the wealth distribution has skewed heavily in favor of the top tier, leading to detrimental effects on the overall economy and social fabric. The consequences of such inequality call for urgent attention to promote a fairer system that uplifts all members of society rather than just a select few.
