John C. Weicher

In the following viewpoint, John C. Weicher rejects the claim that the rich are getting richer and the poor are getting poorer. He contends that, contrary to popular belief, the wealth gap between rich Americans and poor Americans has not grown. Weicher asserts that the richest households have owned virtually the same percentage of wealth for over thirty years. In addition, Weicher claims, average wealth has increased significantly. He argues that the press has exaggerated the extent of economic inequality and has performed a disservice by causing a lack of belief in the idea of upward mobility. Weicher is a senior fellow at the Hudson Institute and was chief economist at the Office of Management and Budget (OMB) during President Ronald Reagan's administration.

As you read, consider the following questions:

1. According to Weicher, what percentage of...