In the past few years, however, inequality has been slightly reduced from its historic high in 1993. This small reduction, combined with our strong economy, has led many people to feel as if inequity is no longer a problem. What they ignore is that, compared to the gap's unprecedented growth since the late 1960s, recent improvements are a drop in the proverbial bucket. For instance, although we have been fortunate to have a strong economy and low unemployment for the past several years, many working Americans are only now beginning to see some benefits, while others still struggle to make ends meet. Income polarization is not only bad for those at the bottom of our economic ladder.
Vast inequality eats away at the values and beliefs that built our country and have kept it strong.
This erosion of democratic values threatens not only our economic health, but our social stability as well. I first became alarmed about rising inequality when I took a Congressional trip to Mexico in 1991. While touring our southern neighbor, I was struck by the contrast of extraordinary wealth and agonizing poverty. The small number of affluent people who run the country live in a completely different world than most Mexicans, who struggle to sustain themselves and their families. Clearly, few of us would want to live in such a society.