The economy is growing again, but gains are concentrated on the state’s richest residents. As in the nation, inequality is on the rise. Over the last 40 years, Wisconsin’s richest residents have experienced dramatic increases in income, yet the rest of the state’s residents have experienced little or no income growth. The widening chasm between the very highest earners and everyone else poses hardships for Wisconsin’s families, businesses, and communities. Families can’t thrive when income growth is nearly non-existent for everyone except those at the top, and businesses need a strong middle class bolstered by broad-based income growth to generate customers. Wisconsin communities pay the price if too many families and businesses fail to prosper. Growing income inequality is also bad for Wisconsin’s economic growth. To build a solid, fast-growing economy, we need to make sure that Wisconsin has a healthy, well educated workforce. But if nearly all the gains from economic growth benefit only a few, many Wisconsin residents won’t have the resources they need to become the kind of skilled workers our economy needs for the future. That hurts everyone.
Pulling Apart 2016: Focus on Wisconsin’s 1 Percent
Pulling Apart 2016: Focus on Wisconsin’s 1 Percent. COWS, 2016.