THE UNPRECEDENTED INCOME INEQUALITY IN AMERICA By Partha Banerjee, Humberto Restrepo, Dwight Anderson, Erland Castillo, Robert Erikson, Franklin Miranda, Jeannie Lockwood, Sally McKleinfeld, John Schafer, and Cornelius Skeahan Think Tank, IBEW Local 3, NYC This paper was written at the request of and with the support of IBEW Local 3 Business Manager Christopher Erikson and Dr. Gerald Finkel, Chairman, Joint Industry Board of the Electrical Industry, New York. ____________ (Address for correspondence: Dr. Partha Banerjee, Program Developer, Educational and Cultural Trust Fund, Joint Industry Board of the Electrical Industry, 158-11 Harry Van Arsdale Jr. Avenue, Flushing, NY 11365. E-mail:
[email protected].) 1" " ABSTRACT Income inequality in America has reached an unprecedented, historic level, and American workers are experiencing an uncertain and worrisome future. The gap between the rich and poor is now at an all-time high, and the middle class is collapsing to the verge of extinction. Working men and women have witnessed their wages fall rapidly and savings wither away. Productivity has reached a pinnacle, but workers are unable to share in the prosperity they have toiled to create. A tiny 0.1% of the American population now has over 90% of the country’s wealth, which we have not seen since before World War II. Faced with high costs for education, health care, food, insurance, and necessary expenses, plus a multitude of loans and a weak economy plagued with low-skilled and low-wage jobs, America’s working people are now greatly suffering. The American Dream of home ownership, good wages, and leisure has rapidly become unsustainable; in fact, experts say the American Dream has ceased to exist.