The Top 1% of Americans Took $50 Trillion From the Bottom 90%. Biden’s Policies Are Changing That

President Biden’s public investment policies have led to remarkable job growth; wage growth higher than inflation; full employment — a record 27 months below four percent unemployment; and more than 45 million previously uninsured people enrolled in health care coverage under the Affordable Care Act. Click.

Nick Hanauer, author of “Corporate Bullsh*t: Exposing the Lies and Half-Truths That Protect Profit, Power, and Wealth in America, in Time magazine, 2020, quoted a working paper by Carter C. Price and Kathryn Edwards of the RAND Corporation: “Had the more equitable income distributions of the three decades following World War II (1945 through 1974) merely held steady, the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone. That is an amount equal to nearly 12 percent of GDP—enough to more than double median income—enough to pay every single working American in the bottom nine deciles an additional $1,144 a month. Every month. Every single year.”

He concluded: “The central goal of our nation’s economic policy must be nothing less than the doubling of median income. We must dramatically narrow inequality between distributions while eliminating racial and gender inequalities within them. This is the standard to which we should hold leaders from both parties. To advocate for anything less would be cowardly or dishonest or both.”

He followed up in Time in Dec 2023 with “Bidenomics Is Real Economics,” in which he concluded that Bideonomics: “is a thoughtful and coherent alternative theory of growth that is grounded in decades of sound economic evidence, and whose application is already producing positive economic results. But more importantly, Bidenomics offers hope—hope that the many problems Reaganomics hasn’t solved can be solved—that an America that fully includes the contributions of all its people can work together to build back better a more sustainable, secure, prosperous, and inclusive future.”

He also wrote, for The American Prospect, The Transformation at the Heart of Biden’s Middle-Out Economic Agenda