2 hours ago - Business
Americans want bigger changes to address wealth gap
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A recent Pew Research Center survey found that 61% of Americans believe there's too much economic inequality, unchanged from 2019.
- But among those who see too much inequality, 24% now say the economic system needs to be completely rebuilt to address it, up from 14% in 2019.
Why it matters: The vibe shift reflects more people demanding major changes and debating what they should look like, and who gets to shape them.
- Of those 61% who believe there's too much of a wealth gap, 63% say major changes are required.
Between the lines: The Pew survey found that Americans increasingly look to the government to take charge.
- Among Americans concerned about inequality, 72% say the federal government should bear significant responsibility for reducing it, up from 66% in 2019.
- 57% say the same of major corporations, down from 62%.
This points to a key difference in how business leaders are responding.
- This week, Elon Musk and Anthropic put forward their own plans for sharing wealth. But United's Scott Kirby called for government intervention through taxes.
- "The real battle of ideas is about what to do about it — and who actually gets to decide: a group of oligarchs, or 'we, the people'?" said Nabil Ahmed, senior director of economic justice at Oxfam America.
What's next: On Nov. 3, Californians will vote on Proposition 40, a one-time 5% wealth tax on the state's billionaires, primarily to fund health care. It will gauge voters' appetite for redistributive policies.
