Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

America’s Egregious Inequality in a Single Statistic

% of readers think this story is Fact. Add your two cents.


As egregious as American inequality may appear, the reality is somehow even worse. Those are the findings of University of Berkeley economist Gabriel Zucman, whose latest research reveals that the .00025 percent now own more than the bottom 60 percent. To put that statistic in perspective, 400 individuals control more wealth than 150 million combined.

“After a period of remarkable stability in the 1950s and 1960s, the top 0.1% wealth share reached its low-water mark in the 1970s, and since the 1980s it has been gradually rising to close 20% in recent years,” Zucman writes. “U.S. wealth concentrations seem to have returned to levels last seen during the Roaring 20s.”

The numbers tell the story of our neoliberal age. Citing data from the World Inequality Database, whose executive committee includes Zucman and “Capital in the Twenty-First Century” author Thomas Piketty, among others, the Washington Post reports that those in the lower economic bracket mentioned above saw their share of the nation’s wealth dip from 5.7 to 2.1 percent between 1987 and 2014.

While the U.S. offers a dramatic data point, this ongoing redistribution upward is a worldwide phenomenon. According to an Oxfam International report published last month, the combined wealth of the world’s billionaires is growing $2.5 billion per day while the poorer half of the planet grows progressively poorer. Just 226 individuals are now worth as much as 3.8 billion ($1.4 trillion). At the same time, the total number of billionaires—2,208—has nearly doubled since the global financial crisis of 2008.

“More broadly, wealth serves two purposes,” Zucman notes in his introduction. “For everybody except the rich, its main function is to provide security. It enables individuals to smooth shocks (what is known as the precautionary saving motive) and to maintain consumption during retirement (the life-cycle saving saving motive). For the rich, wealth begets power.”

In recent months, there has been a concerted effort among the left wing of the Democratic Party to address the imbalance. Rep. Alexandria Ocasio-Cortez has floated the idea of a 70 percent marginal tax rate on income earned in excess of $10 million; Sen. Elizabeth Warren has proposed a wealth tax targeting the top .1 percent of American families; while Bernie Sanders has introduced the For the 99.8% Act, which would dramatically expand the scope of the estate tax, among other ameliorative measures. These proposals have proved enormously popular, with a spate of recent surveys indicating widespread support for soaking the rich.

Read Zucman’s working paper here.


Source: https://www.truthdig.com/articles/a-single-statistic-captures-americas-egregious-inequality/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.