The culture wars of conservative politicians and media are a purposeful distraction from the systemic problem of economic inequality, an inequality which ironically affects many voters seemingly yearning for the ideals of America’s past.
If the minimum wage in 1968 had kept pace with worker productivity, as it roughly had from 1938-1968, it would now be $21.50, not Alaska’s $10.85.
By contrast, CEO pay has surged. The average ratio of CEO-to-typical-worker compensation in the U.S. has risen from a 24.8-to-1 ratio in 1968 to a 398-to-1 ratio in 2021. Current taxation policies and corporate compensation regulations have failed the task of preventing highly concentrated wealth.
Policies like Donald Trump’s tax reform increased the problem by mainly benefiting the wealthiest individuals and corporations while simultaneously creating a permanent budget deficit.
The richest 1% now own more than one-third of the country’s wealth and the top 10% hold nearly three-quarters of the country’s wealth.
The U.S. homeless and housing affordability crisis, the fact that 10% of the population is experiencing food insecurity, in addition to issues surrounding college affordability, health care access and so much more, would seem to indicate that enabling the obscene concentration of wealth in the hands of a few is not serving the country well.
Mark Wolbers
Anchorage
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