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The growing wealth gap

The growing wealth gap could have unintended consequences.
The growing wealth gap could have unintended consequences. (Dreamstime)

Cal Thomas’s recent column (“Cal Thomas: No more billionaires?” Oct. 24) concerning Bernie Sanders’ and Tom Steyer’s attempts to close the wealth gap among Americans by imposing a huge tax increase on the wealthy brought to mind a Christina Stead quote, “If all the rich people in the world divided up their money among themselves, there would not be enough to go round.”

According to a 2018 study by the Federal Reserve, the richest 10% of Americans have 70% of all U.S. wealth, up from 60% in 1989. The wealth of the richest 1% showed the largest increase over that same period, from 23% to 32% Economist Gabriel Zucman of the University of California said that the current wealth gap parallels that to the years leading up to the Great Depression. Basing his economic predictions on Mr. Zucman’s analysis, Jesse Colombo of Real Investment Advice said that the current wealth inequity is the byproduct of an ever expanding bubble in the prices of stocks and bonds.

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When the bubble bursts, the wealth gap will diminish. But then again, there will be other unintended consequences.

Otts Laupus, Elkridge

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