‘What a Rigged Economy Looks Like’: Top 10% Now Own 77% of American Wealth
ANGLO AMERICA, 2 Oct 2017
Jake Johnson | Moyers & Company – TRANSCEND Media Service
Inequality: As Trump and the GOP push massive tax cuts for the rich, new data shows that the wealthy are doing better than ever.
29 Sep 2017 – As President Donald Trump and the Republican Party unveiled their “cruel joke” of a tax plan that would provide an enormous boon for the rich disguised as a “middle class miracle,” an analysis by the People’s Policy Project (3P) published Wednesday found that the top 10 percent of the income distribution now owns a “stunning” 77 percent of America’s wealth while those in the bottom 10 percent are “net debtors,” owning -0.5 percent of the nation’s wealth.
We do not live in a democracy. We live in an oligarchy.
In response to the analysis, conducted by 3P president Matt Bruenig, Sen. Bernie Sanders (I-VT) wrote on Twitter: “Meanwhile, the Walton family of Walmart has a net worth of $144 billion. This is what a rigged economy looks like.”
“We do not live in a democracy. We live in an oligarchy,” added the progressive group Digital Left.
3P’s examination of newly released Federal Reserve data also found that “[t]he bottom 38 percent of American families have an average net worth of $0.” By contrast, the top one percent — set to benefit massively from Trump’s tax agenda — owns 38.5 percent of the nation’s wealth. In 1989, that number was 29.9 percent.
The new Fed data also highlighted America’s enormous racial wealth gap.
A recent study conducted by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED) found that “[i]f average black family wealth continues to grow at the same pace it has over the past three decades, it would take black families 228 years to amass the same amount of wealth white families have today.”
“For the average Latino family,” the study found, “it would take 84 years.”
Bruenig notes that in 2016, mean white wealth exceeded $900,000 for the first time. Mean black wealth, by contrast, registered at just under $140,000.
Overall, Bruenig concluded, “[t]he median family in every racial group remains worse off than they were in 2007.”
DISCLAIMER: In accordance with title 17 U.S.C. section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. TMS has no affiliation whatsoever with the originator of this article nor is TMS endorsed or sponsored by the originator. “GO TO ORIGINAL” links are provided as a convenience to our readers and allow for verification of authenticity. However, as originating pages are often updated by their originating host sites, the versions posted may not match the versions our readers view when clicking the “GO TO ORIGINAL” links. This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
Join the discussion!
We welcome debate and dissent, but personal — ad hominem — attacks (on authors, other users or any individual), abuse and defamatory language will not be tolerated. Nor will we tolerate attempts to deliberately disrupt discussions. We aim to maintain an inviting space to focus on intelligent interactions and debates.
Click here to go to the current weekly digest or pick another article: