Condemned to plutocracy? The relentless rise of US inequality

The United States made significant strides in curbing income inequality during the Obama administration, with taxes and transfers reducing the income share of the richest 1% by over a fifth by the end of 2016. This reduction was more substantial than under any government since at least Jimmy Carter's administration, according to estimates from the Congressional Budget Office (CBO). These policies also increased the income share of the poorest fifth of households from 3.9% to 7.9%, reaching its highest point since at least 1979. Jason Furman, then chairman of the president’s council of economic advisers, highlighted these efforts as "the largest investments in reducing inequality since the Great Society" as President Obama's term concluded. Despite these interventions, the issue of wealth concentration, exemplified by figures like Elon Musk, remains a subject of ongoing debate regarding the nation's appetite for further redistribution.