This Might be the Only Time Wealth Inequality Will Make You Smile

Hasan Minhaj of “The Daily Show” investigates wealth inequality, and gets an unexpected response.

According to economist, Richard Reeves, from the Brookings Institute:

“The rise of wealth inequality is almost entirely due to the rise of the top 0.1% wealth share, from 7% in 1979 to 22% in 2012—a level almost as high as in 1929. The bottom 90% wealth share first increased up to the mid-1980s and then steadily declined.”

What Reeves is referring to by the steady decline that hit in the mid-1980s would be “Reaganomics.” Ronald Reagan, who was extremely conservative, brought to his presidency an economic Bill of Rights, which included a plan known as “supply-side economics,” or “trickle-down economics” to critics.

Reagan’s idea of economic freedom meant curtailing the power of unions, dismantling regulations, and dramatically reducing taxes for the rich, while freezing wages for the poor. Apparently the idea was that by providing tax relief for the wealthy, they would in turn invest that money back into the economy.

The fact is Reaganomics, as we now know, didn’t work, and yet, rich conservatives everywhere still vigorously support the “trickle-down economics” theory, as though some sunny day the rich will wake up completely cured of their greed—ready to chip in and become humanitarians. There are a few millionaires, however, who don’t agree with the current system. This is what retired investment banking director and member of an organization called The Patriotic Millionaires, Morris Pearl, has to say about the trickle-down theory:

If there are even millionaires who, realistically, cannot support supply-side economics, why do our policies?

Sources:

Ali, Maz. UpWorthy. May 23, 2015. (http://www.upworthy.com/a-daily-show-correspondent-asks-a-millionaire-about-inequality-and-gets-an-unexpected-response?c=ufb2)