Canary in the coal mine. Depression may be a social illness because people with heighten empathy feel something is wrong with the system around them resulting in depression. That seems a stronger argument then some macro economic argument about ill defined inequality.
I put a large part of the blame on suburban development. What did we expect when we took social animals and then sequestered them into little boxes far away from where humans congregate - requiring you to fit into another little box to drive to the next box for your planned and highly controlled social experience. Nevermind the 1.5hrs+ the average suburban commuter sits in a little box 5 days a week.
I've been thinking of where to move to finally "settle down" in the US - and I'm coming up with a blank to be honest. I want to live somewhere I can be part of a community that shares my values and pulls together on a day to day basis - not just when some national news style emergency happens. I want daily interaction with my neighbors, forced or otherwise. I want the neighborhood kids to come running through my yard/sidewalk/whatever and to feed half a dozen of them lunch if they happen to be around when it's time, and to expect the same when my kid is off wandering and exploring.
The phrase it takes a village to raise a child is absolutely more true than I ever realized. We destroyed nearly all our villages, and now wonder why we're so divided and depressed. We no longer function as a society that shares the same major goals.
Talking to someone who lives in a semi-functional (I'm not sure functional exists in the US) community from a large city compared to the average suburbanite is eye opening in the disconnect from reality the latter has. I grew up around it, and simply didn't realize how damaging it is until I started to travel the world and see how actual communities function.
I know some folks do well in suburban-style living, but I would say that the majority who say they love it are actively being mentally and socially damaged and simply don't know it. The views they express are now completely normalized.