Bill Moyers talked to economist Richard Wolff yesterday about the astonishing rise of inequality in the last 30 years. One telling fact is that peak purchasing power of the minimum wage was in 1968. Advancing inequality is astonishing not because it’s unprecedented, but because it’s happening in a so-called democracy, with the apparent consent of the governed.
Sadly, this aligns with a striking non-finding from the FAIR Money research: nobody talked of social injustice in connection with their personal finances, even though all but one or two had drawn an extremely short stick in the lottery of American life. All our participants internalized their difficulties as personal challenges, which may tip over the edge into personal failure anytime. This is why FAIR Money means to develop tools that give people more power in their own financial lives and, perhaps, a footing to participate differently in the political decision-making that affects them every day in every way.