Shifting Fortunes: The Perils of the Growing American Wealth Gap

by Chuck Collins, Holly Sklar, Betsy Leondar-Wright

Behind the hoopla of the booming nineties, most Americans have actually lost wealth. Most households have lower net worth than they did in 1983, before the stock market began its big climb. From 1983 to 1998, the stock market grew a cumulative 1,336 percent. The wealthiest households reaped most of the gains. The top 1 percent of households have more wealth than the entire bottom 95 percent. Nine years into the longest peacetime expansion in history, average workers are still earning less, adjusting for inflation, than they did when Richard Nixon was president. No wonder many people have been working longer hours and going deeper into debt. The wealth gap poses serious consequences for our economy, our democracy and our civic life. We can reduce the wealth gap and strengthen national prosperity, if we have the will. Forewords by Juliet Schor and Lester Thurow.

94 pages, Paperback

First published March 1, 1999

About the author

Chuck is the director of the Program on Inequality at the Institute for Policy Studies, where he co-edits Inequality.org. He oversees a number of programs focused on wealth inequality, the racial wealth divide, and philanthropy reform.