How do we address income disparity, not only in the United States, but around the world? According to Bloomberg Businessweek, a French Economist by the name of Gabriel Zucman points out some of the problems. Mr. Zucman currently is an assistant professor at the U of California at Berkeley and makes the following points.
In 2016 the top 1% of the wealthiest people in the United States controlled 39% of all the wealth in America. This is the highest wealth disparity since 1929.
The world’s rich store $7.6 trillion in offshore accounts with 80% hidden from governments. Numbers we can’t comprehend. How do we change this?
Why is the United States of America the land of opportunity for many foreigners who come here? At a fairly recent Indian wedding in New York I met dozens of Indians who were now American citizens. They came to American without money and unable to speak English. None had been divorced. Now they were all physicians, attorneys, engineers and other very successful businessmen. Many were very wealthy. How did they handle the wealth disparity? They all overcame it.
Perhaps if we educate our children that hard work, education and drive can overcome any wealth disparity in the world. Personally, it was not so long ago that my wife and I lived on $65.00 for three months while we were building ExitCare which became a very successful patient education company. The sale of ExitCare led to wealth. It came from sacrificing for ten years, persistence, and a desire to achieve better health care for our country. It was a huge success.
During college, I once stole pop bottles to sell to buy milk for our baby. Education, perseverance and drive overcome most hurdles, including wealth disparity. God willing.