Shares In America: The Case For A Universal Basic Income

America's problem isn't prices. It's paychecks.

The United States is one of the richest economies in the world, producing more than $190,000 in income per household. Yet income inequality, economic insecurity, and the wealth gap have continued to grow. Why has rising productivity not translated into higher wages for most Americans?

In Shares in America, Richard Frenkel shows how automation and public policy reshaped the relationship between work, wages, and wealth. Drawing on U.S. economic history and contemporary data, he shows how income gains increasingly flowed to the top while economic risk shifted onto workers and their families.

The book also considers the implications of emerging technologies, including artificial intelligence, which will further weaken the link between labor and income. It explores the political economy of inequality, analyzing how rising wealth concentration can influence public policy and reinforce existing economic outcomes.

Frenkel argues that the time has come for an approach long advocated by economists across the spectrum: a universal basic income-what he calls "Shares in America." By giving every citizen a direct stake in the nation's economic output, this policy offers a clear, practical, and achievable path forward-one that would reduce poverty, strengthen economic security, and help stabilize the economy in an era of rapid technological change.

Importantly, Shares in America is not just a diagnosis of the problem, but a contribution to a growing national and international conversation-and emerging movement-about how to build a more inclusive economy. Blending accessible explanation with rigorous analysis, the book provides readers with a clear framework for understanding inequality-and a concrete vision for how broadly shared prosperity can be built.