Bernie Sanders, a Vermont senator, announced Wednesday that he is running for president as a Democrat, reports The Associated Press. Like other presidential hopefuls who have announced plans to run, Sanders is taking a heavy focus on economic issues. He pledges to fight what he calls “obscene levels” of income disparity between the ultra-rich and the middle class, and to reform campaign financing rules.
Describing himself as a “democratic socialist,” Sanders’ stance on many issues (particularly economic) is more liberal than that of Hillary Clinton, his main opponent for the Democratic presidential candidacy.
Related: How Hillary Clinton as President Could Affect Your Paycheck
Bernie Sanders: 99% of New Income Goes to the Top 1%
Worries of income inequality are not new. Middle-class Americans’ wealth took a big hit during the Great Recession, according to 2014 Pew Research Center analysis, and though the economy has recovered, wage growth has largely remained stagnant.
“What we’re seeing…right now is that for 40 years, the American middle class has been disappearing,” Sanders said on an April 19 appearance on Fox News Sunday. “Millions of people are working longer hours for lower wages despite a huge increase in technology and productivity. And what we have seen during that period is a massive transfer of trillions of dollars from the middle class to the top one-tenth of 1 percent of America — massive wealth and income inequality, where you have 99 percent of all new income today going to the top 1 percent.”
Some of Sanders’ remarks are backed by data featured in a recent article published by The New York Times. According to the Times, the richest 1 percent of Americans’ average income grew “from $871,100 in 2009 to $968,000 over 2012 and 2013.” Meanwhile, the bottom 99 percent’s average income decreased slightly from $44,000 to $43,900.
To fight this wealth inequality, Sanders plans to raise taxes on the rich and corporations, oppose free-trade agreements and closely regulate the banking industry, reports The Associated Press. Sanders will also propose plans to offer tuition-free college education at public colleges and universities.
Photo credit: Albert H. Teich / Shutterstock.com
This article originally appeared on GOBankingRates.com: Bernie Sanders Promises to Fight Income Inequality With Presidential Run
This article by Elyssa Kirkham first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.
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