The highest-earning Americans have increased their share of wealth over the past three decades, while the middle class has been losing its share.
usafacts.org
My working hypothesis is that income distribution has a lot to do with it.
From the quoted article:
"The 60% of income earners between the top and bottom quintiles — commonly referred to as America’s
middle class — have seen their share of wealth diminish since 1990. Over the past three decades, this group’s share of total wealth fell to 26% from 37%."
Without having studied this issue in any detail whatsoever, my perception is that populism is on the rise globally because the distribution of wealth has become so imbalanced that the majority of voters are rightly upset and demand change. Populist governments won't address the imbalance - but their leaders promise to do so and feed on the unrest that income inequality generates.
I'm a big believer in free-market capitalism and that government should avoid mucking with companies insofar as possible. Income inequality, IMO, should be addressed through a system of taxation, raising the minimum wage, etc.
Should my hypothesis prove correct, then we're in a quandary here in the States. Dems that want to increase taxes and redistribute wealth that way, or even to increase the minimum wage... whatever - are demonized by Republicans and so even if such policy changes might work, the populists won't put them into place.
