A new book by economist David Auerbach makes the case that inequality in wealth is far more widespread than we thought.
As The New York Times reports, the book “reinforces the view that inequality is not only pervasive but has grown in the United States in recent decades.”
The result of Auerachs research is that we now have a wealth gap of $11.5 trillion that is more than twice the size of the economy.
In the book, Auerbuch argues that “there is little doubt that our economy is fundamentally unequal.”
“I think a lot of people who have read this book were very, very shocked by the findings,” Auerbert said in an interview with The New Yorker.
“They thought it was some kind of crazy idea.
And it’s not crazy.”
According to Auerbech, the average American earned $1,836 in 2017, a $50,000 increase from $930 in 1989.
The gap in wealth between rich and poor has grown to $11,700, up from $9,000 in 1989, according to Auzbert’s research.
“It is a pretty clear conclusion that inequality has grown significantly,” Auzbuch said.
“I have never been so surprised.”
As the Wall Street Journal reported, the gap in inequality between the rich and the poor has risen to nearly three times the size, while the gap between the top 1 percent of earners and the rest of the nation has grown.
Auerbel argues that the current situation is “highly unfair.”
“This inequality has gotten so bad that it is so severe that we are paying a price for it,” he said.
In a new interview with the New Yorker, Auzberch described his new book as “the best book I’ve written in years,” and it’s certainly worth checking out.
“My goal is to make it a more accessible and accessible reading experience,” he told the magazine.
“This book is a really good summary of what the data says.”
The book is titled “The Wealth Gap: Why It Matters, What We Can Do About It, and What We Should Do About it.”
It’s available for pre-order on Amazon, as well as on the publisher’s website.