Widening income and wealth disparities

Widening income and wealth disparities may pose a grave threat to the economy, the ideal of equal opportunity, and the functioning of the democratic system. Almost all economic gains have gone to the top for decades, leaving working families in the lurch. If we want to reduce the wealth gap in our country, we must increase taxes on the wealthiest in the United States and close tax loopholes that allow the wealthy to avoid paying their fair share of taxes. In addition, we must invest in programs that assist low-income families in advancing their situation and creating opportunities for social mobility.

In comparison to other countries, the United States has a relatively high child poverty rate even though children are the ones who are very vital for deciding the future of the nation. Limited access to cognitively enriching home environments for economically disadvantaged children may contribute to growing gaps in cognitive and non-cognitive skills, resulting in a feedback cycle that leads to low socioeconomic mobility and increases inequality.