How inequality cost workers $50 trillion (with Carter Price)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 16 August 2022

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Did you know that since 1975 a staggering $50 trillion has been diverted from the paychecks of working Americans to the pockets of the wealthiest 1%? That shocking number was discovered in a groundbreaking study done by the RAND Corporation that finally put a price tag on the massive inequality we’ve seen in America over the last 40 years. This episode was originally released in September 2020. Carter C. Price is a senior mathematician at the RAND Corporation. Twitter: @CarterCPrice The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% – And That’s Made the U.S. Less Secure: https://time.com/5888024/50-trillion-income-inequality-america/ “We were shocked”: RAND study uncovers massive income shift to the top 1%: https://www.fastcompany.com/90550015/we-were-shocked-rand-study-uncovers-massive-income-shift-to-the-top-1 Website: https://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Hi, pitchfork economics listeners. I'm Ashley, one of the producers here at the show.
0:04.4	We're taking a break this summer, which means no new episodes, but in the meantime,
0:08.8	we're re-releasing some of our favorite past episodes.
0:12.0	Like this one, from September 2020 with Carter Price, a senior mathematician at the Rand Corporation.
0:18.3	If you missed this episode when it was originally released, we recorded it right after Rand
0:22.9	published a groundbreaking study that for the first time ever put a price tag on how much
0:28.6	inequality has actually cost American workers. And with the rising price of goods further
0:33.8	squeezing Americans right now, we thought it would be a great time to revisit this conversation.
0:39.2	Don't forget to follow the show on Apple's Spotify or wherever you listen and please leave
0:43.6	us a five star rating or review.
0:47.7	For years, we've been talking and writing about the massive redistribution of income in well
0:53.1	from ordinary working Americans like me to super rich like you.
0:59.9	And we always knew that number was big, but my god, Nick, now we know exactly how big it's been.
1:06.7	Yeah, in fact, bigger than we thought.
1:08.8	It sums up to $47,000. That's money they could have had in the bank.
1:18.4	From the home offices of civic ventures in downtown Seattle,
1:21.6	this is pitchfork economics with Nick Hanauer, the best place to get the truth about who gets what
1:27.4	and why.
1:34.0	I'm Nick Hanauer, founder of Civic Ventures.
1:37.0	I'm David Goldstein, senior fellow at Civic Ventures.
1:44.7	So Nick, for years, we've been talking and writing about the massive redistribution of income
1:50.6	in wealth from ordinary working Americans like me to that super rich like you.
	...

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