Since the financial crisis of 2008 and the Great Recession that followed, our economy has struggled to fully recover. Stock prices and corporate profits have soared to record highs, while at the same time we have experienced severe economic inequality, with more working families left behind. Unless we take action to reverse this disturbing trend, an entire generation is at risk of being left behind.
Last week, Oxfam (a global organization working to right the wrongs of poverty, hunger, and injustice) released a new report, showing that the richest 85 people in the world are worth as much as the poorest 3.5 billion. The stark inequality we’re experiencing isn’t simply a problem caused by the Great Recession. In fact, over the past 35 years, the average pay for a CEO has risen by 875 percent while an average worker’s pay rose by just 5 percent (adjusted for inflation).