Economic commentators have been describing today’s economy as K-shaped — with one arm rising and the other falling, indicative of a widening wealth gap. Over the past several years, policies have cushioned stock market-heavy households, those whose portfolios outsize some people’s entire lifetime earnings. Meanwhile, the majority of Americans have been tightening our belts, stretching groceries one more day just to make it through the month.

In a K-shaped economy, prosperity doesn’t lift everyone — it lifts the few. Some sectors and income brackets thrive while the rest struggle to keep pace. The top 10% of earners now account for 50% of consumer spending, and only the top 20% have seen personal spending growth exceed inflation in recent years. In other words, if you’re in the bottom 80%, you’re likely spending more just to buy the same goods as before.

The gap isn’t limited to spending — it’s baked into savings, too. The top 20% of income households now hold over two-thirds of all household wealth. These are the families who benefit most from rising stock markets and real estate prices, while millions of working and middle-class Americans are priced out of homeownership, weighed down by debt, and forced to rely on savings that can evaporate with one unexpected bill.

Here in Connecticut, this dynamic is nothing new. We’ve long talked about the reality of two Connecticuts: one with fully staffed schools, smooth roads, and well-funded public programs — and another where communities fight for scraps. When wealth and consumption are concentrated at the top, public revenue dries up, infrastructure crumbles, and community stability becomes harder to sustain.

But this doesn’t have to be our story. We can enact progressive tax policies that ensure the ultra-wealthy — those reaping record profits and federal tax cuts — contribute their fair share. By reclaiming those lost tax dollars, we can reinvest in the things that make our communities strong: quality public education, safe roads, reliable services, and the public workforce that keeps it all running.

Because the economy should work for everyone — not just those at the top of the “K.”