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The Rich Get Richer, the Middle Class Struggles

In his book Adrift, Scott Galloway details how America is losing its strong middle class:

In 1965, the chiefs of America's largest 350 companies by revenue made 21 times the average compensation of their industries’ workers. In 2020, the CEO-to-worker compensation ratio shot up to 351 times that of their workers. Since 1960, corporate profits have gone up 85 times; employee wages have gone up only 38 times. Between 1979 and 2013, the bottom 99% of Americans saw their wages go up about 18%. The top 1% of Americans saw their wages go up 140%.

The result is that kindergartners with good grades from poor families are less likely to graduate from high school, graduate from college, or earn a higher wage than their affluent peers with bad grades. At 38 colleges, including five of the Ivies, there are more students from the top 1% of the U.S. income scale than from the bottom 60%.

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