{"id":99475,"date":"2017-10-02T12:00:26","date_gmt":"2017-10-02T11:00:26","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=99475"},"modified":"2017-09-30T17:37:06","modified_gmt":"2017-09-30T16:37:06","slug":"what-a-rigged-economy-looks-like-top-10-now-own-77-of-american-wealth","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2017\/10\/what-a-rigged-economy-looks-like-top-10-now-own-77-of-american-wealth\/","title":{"rendered":"\u2018What a Rigged Economy Looks Like\u2019: Top 10% Now Own 77% of American Wealth"},"content":{"rendered":"

Inequality: As Trump and the GOP push massive tax cuts for the rich, new data shows that the wealthy are doing better than ever.<\/em><\/p><\/blockquote>\n

\"\"<\/a>

Courtesy of Charter for Compassion<\/p><\/div>\n

29 Sep 2017 – <\/em>As President Donald Trump and the Republican Party unveiled their \u201ccruel joke<\/a>\u201d of a tax plan that would provide an enormous boon for the rich disguised as a \u201cmiddle class miracle<\/a>,\u201d an analysis<\/a> by the People\u2019s Policy Project (3P) published Wednesday found that the top 10 percent of the income distribution now owns a \u201cstunning<\/a>\u201d 77 percent of America\u2019s wealth while those in the bottom 10 percent are \u201cnet debtors,\u201d owning -0.5 percent of the nation\u2019s wealth.<\/p>\n

We do not live in a democracy. We live in an oligarchy.<\/em><\/strong><\/p><\/blockquote>\n

In response to the analysis, conducted by 3P president Matt Bruenig, Sen. Bernie Sanders (I-VT) wrote<\/a> on Twitter: \u201cMeanwhile, the Walton family of Walmart has a net worth of $144 billion. This is what a rigged economy looks like.\u201d<\/p>\n

\u201cWe do not live in a democracy. We live in an oligarchy,\u201d added<\/a> the progressive group Digital Left.<\/p>\n

3P\u2019s examination of newly released Federal Reserve data also found that \u201c[t]he bottom 38 percent of American families have an average net worth of $0.\u201d By contrast, the top one percent \u2014 set to benefit massively<\/a> from Trump\u2019s tax agenda \u2014 owns 38.5 percent of the nation\u2019s wealth. In 1989, that number was 29.9 percent.<\/p>\n

\"\"<\/a>

(Credit: People\u2019s Policy Project)<\/p><\/div>\n

The new Fed data also highlighted America\u2019s enormous racial wealth gap.<\/p>\n

A recent study conducted by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED) found<\/a> that \u201c[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.\u201d<\/p>\n

\u201cFor the average Latino family,\u201d the study found, \u201cit would take 84 years.\u201d<\/p>\n

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.<\/p>\n

Overall, Bruenig concluded, \u201c[t]he median family in every racial group remains worse off than they were in 2007.\u201d<\/p>\n

\"\"<\/a>

(Credit: People\u2019s Policy Project)<\/p><\/div>\n

________________________________________________<\/strong><\/p>\n

\"\"<\/a>Jake Johnson<\/em> is a staff writer for <\/em>Common Dreams.<\/p>\n

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Go to Original \u2013 billmoyers.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Inequality: As Trump and the GOP push massive tax cuts for the rich, new data shows that the wealthy are doing better than ever.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"class_list":["post-99475","post","type-post","status-publish","format-standard","hentry","category-anglo-america"],"_links":{"self":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/99475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/comments?post=99475"}],"version-history":[{"count":0,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/posts\/99475\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/media?parent=99475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/categories?post=99475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.transcend.org\/tms\/wp-json\/wp\/v2\/tags?post=99475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}