There are two refrains that we often repeat when describing our philosophy for economic growth: we need an economy that works for everyone, not just the wealthy few; and we need an economy that grows from the middle-out, not the top down. At the heart of both of those beliefs is the demand that our leaders address the growing economic inequality in this country that leaves the richest with an ever-growing share of our nation’s wealth, while squeezing the vast middle class. This inequality doesn’t actually hurt some while helping others — it weakens our overall economy and as a result hurts everyone.

A new report issued by economists at Standard & Poor’s Ratings Services agrees with these dire impacts of inequality. The report, entitled “How Increasing Inequality is Dampening U.S. Economic Growth, and Possible Ways to Change the Tide,” concludes that the widening gap between the wealthiest and everyone else is a key reason why our economic recovery is the weakest in the last 50 years. Pushing back against the oft-repeated and dead-wrong trickle-down argument on the right that a rising tide lifts all boats, S&P responds, “A lifeboat carrying a few, surrounded by many treading water, risks capsizing.”

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