Inequality has traditionally meant that incomes at the top grow faster than the next category down, which in turn grow faster than the next category, and so on. All categories can grow to some extent. As has been apparent to economists for several years, however, this is no longer the case. We now have stagnating incomes for a large majority of Americans and runaway incomes at the very top—especially the top tenth of the top one percent. This is not so much “inequality” as a complete lack of growth for much of the country.To this should be added the corollary that the elite "top tenth of the top one percent" have not achieved that status through economic growth. The "creation of wealth" through elaborate processes of exchange, many of which involve computational instruments whose workings are poorly understood (even by those who profit the most by them), has nothing to do with economic growth. To paraphrase a proposition posed by Robert Skidelsky, those who make money no longer have to worry about "real-world" matters like making things.
Unfortunately, this narrow elite of money-makers now have enough of the stuff that they can exert those controls of government through which they can continue their practices unimpeded. The Occupy movement tried to bring this state of affairs to our attention. Unfortunately, being informed about it did not lead to the problem being resolved. This is due, at least in part, to the fact that, while the rest of us may have the power of the ballot box, the votes of ordinary citizens simply cannot stand up to the support of the moneyed elite. Nor will logic prevail. Because those with wealth realize that they can maintain and grow their status simply by tweaking software, the idea that they may be snuffing out an entire country of potential consumers no longer signifies.
Throughout history many countries have perished through the irrational embrace of religious beliefs; the fate of our own country may follow a similar path, not through religion but through an intense obsession with a pernicious secular myth.