Summary of What was the big story in economics over the last decade?

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What was the big story in economics over the last decade? summary
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The top economic issues of the 2010s – flawed policies, uneven wealth distribution, massive government debt, inadequate health care access, and a mixed bag of demographic and social trends that could drag down growth – will likely continue into the 2020s. In this incisive and sobering panorama, 10 economists at the Brookings Institution offer their expert takes on the unresolved problems that threaten Americans’ economic well-being.

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The Brookings Institution is a nonprofit, independent research organization.

 

Summary

Distorted fiscal, monetary and payment policies propel inequality.

In the United States, the top 1% increased its share of the nation’s overall income from 7.4% in 1979 to 12.5% in 2018, yet its contribution to income taxes fell over that period. This fiscal trend runs counter to what a progressive tax system should do. In addition, like “a silent, reverse Robin Hood,” a creaking payment system adds to income inequality: It delays funds to those who have to bear overdraft costs and resort to payday loans at usurious rates of interest. But well-off Americans enjoy tax-free rebates on credit cards and other perks off-limits to others.

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