Better headline: the richest 1% of Americans have more combined wealth than the bottom 90% of Americans.
this post was submitted on 04 Sep 2023
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And yet while anger is directed at the 1%, the party in government get all their money from them so they raise taxes and make efforts to disperse the wealth of the 9% between the two as they neither fund the government nor are a big enough voting bloc for them to care - many of the 90% consider them the same anyway as when you have no disposable income or worse then having some disposable income may as well be having more money than you know what to do with, so taxing the 9% gets the vote of much of the 90%
It's more like the top 0.0000009% own more than the bottom 87%. The whole 1% thing is really drastically underselling the issue of the scale of inequality.
Agreed, but the data they’re citing doesn’t show that. It does show what I commented.
In other news: the top 1% keeps lobbying hard so that people keep blaming their problems on literally anyone else
You could make a pretty strong statement about the richest 30 people.
Why lump in the 1% when there's a 0.000001% that you could focus on?
This is the best summary I could come up with:
America's current economic woes are eliciting comparisons to the 1980s — another era with sky-high inflation, rising interest rates and jittery financial markets, not to mention a taste for heavy eye makeup.
The disparity would be even more stark if the report only counted marketable wealth and ignored the benefits of defined-benefit payments, such as pension plans or Social Security, the CBO noted.
The nation's shifting financial fortunes underscore the deep structural changes in the economy since the U.S. loosened trade, largely eliminated pensions, cut higher-education funding and saw union membership drop to historic lows.
Home equity, long a springboard for working-class people to achieve upward mobility, played a relatively small role for the wealthiest, according to the CBO.
Instead, the largest contributor to upper-echelon wealth was business equity, investment real estate, financial securities and inheritance trusts, the CBO found.
An analysis released Wednesday by the Financial Times finds that while the U.S. and U.K. have some enormously wealthy people, the poorest Americans are worse off than their European counterparts, with a lower standard of living than their peers in Belgium, Denmark, France, Ireland or Germany.
The original article contains 663 words, the summary contains 186 words. Saved 72%. I'm a bot and I'm open source!
To the gulags