Dr. Richard Wolff on World and U.S. Income Inequality

By means of the latest Economic Update episode, Marxist economist Dr. Richard Wolff outlined a report on world and U.S. income inequality: “[W]hat I’m presenting to you is a mixture of what the [World Wealth Report] contains and what the Harvard Business Review [for the month of March 2018]… has to say about [the World Wealth Report]… Inequality in the world has sharpingly worsened over the last 40 years… [In the course of these 40 years,] the share of income of the top one percent of people in the world, the richest one percent in 1980, they together got 16 percent of the world’s income… By 2016, that share of the top one percent had risen from 16, which is what it was in 1980, to 20 percent… [In the United States, f]rom 1980 to 2016, the income of the richest .001 percent went up 600 percent. The bottom half of the American people… saw no income increase at all over the last forty years” [www.youtube.com/watch?v=KrPHl1s9MNw].