Top 1 Percent Control 42 Percent of Financial Wealth in the U.S. - How Average Americans are Lured into Debt Servitude by Promises of Mega Wealth.
Many Americans are not buying the recent stock market rally. This is being reflected in multiple polls showing negative attitudes towards the economy and Wall Street. Wall Street is so disconnected from the average American that they fail to see the 27 million unemployed and underemployed Americans that now have a harder time believing the gospel of financial engineering prosperity. Americans have a reason to be dubious regarding the recovery because jobs are the main push for most Americans. A recent study shows that over 70 percent of Americans derive their monthly income from an actual W-2 job. In other words, working is the prime mover and source of their income. Yet the financial elite have very little understanding of this concept. Why? 42 percent of financial wealth is controlled by the top 1 percent. We would need to go back to the Great Depression to see such lopsided data.
Many Americans are still struggling at the depths of this recession. We have 37 million Americans on food stamps and many wait until midnight of the last day of the month so checks can clear to buy food at Wal-Mart. Do you think these people are starring at the stock market? The overall data is much worse:
If we break the data down further we will find that 93 percent of all financial wealth is controlled by the top 10 percent of the country. That is why these people are cheering their one cent share increase while layoffs keep on improving the bottom line. But what bottom line are we talking about here? The Wall Street crowd would like you to believe that all is now good that the stock market has rallied 60+ percent. Of course they are happy because they control most of this wealth. Yet the typical American still has negative views on the economy because they actually have to work to earn a living:
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Whistler Blowers, Insiders
The only way to change large profit driven institutions is to move your money to a local bank…From Potter to Bailey. Very good website and info…www.moveyourmoney.info
Great article, very inspiring. There is a real force behind the bottom-eighty that is growing more and more aware of itself each day. It\’s not organized yet since public organization was the last wave and has been judged to be too easily infiltrated and corrupted by the machine, so for right now it\’s delegating in secrecy. To all our brothers and sisters in the next wave, lets hope we make last this time.
In your article, you claim that: \”Now if we breakdown this data further you will realize that most of the money is consumed by cost of living necessities\”
I didn\’t realize that \”Vacation\”, \”Entertainment\”, \”Charity\”, \”Gifts\”, and \”Pet Expenses\” were necessities. These conveniently total to your net loss of $1,025. According to your logic, that\’s correlation!! (\”Only 13 percent believe the economy is good or excellent. Funny how that correlates with the top 10 percent who control 93 percent of wealth.\”)
Speaking to your point that \”The bottom 90 percent have been saddled with 73 percent of all debt.\” Are you surprised that people with less money will borrow money to pay for some things? Really? This may shock you, too, but I\’d bet the bottom 80% of students get most of the F\’s in high school, too!!
Also, who gets \”saddled\” with debt? Am I forced to buy a house or car? Jeez.
Finally, speaking to your point about the inheritance tax: There are two groups at play against one another here, what I will call \”Political purists\” and \”American idealists\”. \”American idealists\” have notions that the founding fathers did not want to have inherited aristocracy/titles, and so would prefer an estate tax. However, \”political purist\” representatives who are anti-taxes and want to be ideologically pure are those you see rallying against an estate tax.
Just like poor kids play sports thinking they are going to make it to the Major Leagues, the middle class thinks it is going to get rich one day. That\’s why they buy into huge tax reductions that yield them a small amount and why they believe the \”death tax\” is something they should worry about. The rich and their minions in the GOP have snookered them into believing this. Meanwhile the poor get poorer and the middle class makes less now than they did 20 years ago. Sad.
Just like poor kids play sports thinking they are going to make it to the Major Leagues, the middle class thinks it is going to get rich one day. That\’s why they buy into huge tax reductions that yield them a small amount and why they believe the \”death tax\” is something they should worry about. The rich and their minions in the GOP have snookered them into believing this. Meanwhile the poor get poorer and the middle class makes less now than they did 20 years ago. Sad.
Just like poor kids play sports thinking they are going to make it to the Major Leagues, the middle class thinks it is going to get rich one day. That\’s why they buy into huge tax reductions that yield them a small amount and why they believe the \”death tax\” is something they should worry about. The rich and their minions in the GOP have snookered them into believing this. Meanwhile the poor get poorer and the middle class makes less now than they did 20 years ago. Sad.
Just like poor kids play sports thinking they are going to make it to the Major Leagues, the middle class thinks it is going to get rich one day. That\’s why they buy into huge tax reductions that yield them a small amount and why they believe the \”death tax\” is something they should worry about. The rich and their minions in the GOP have snookered them into believing this. Meanwhile the poor get poorer and the middle class makes less now than they did 20 years ago. Sad.
The third paragraph contains an incorrect statement. The top 10% of people only control 80% of the wealth. According to the graph, the top 20% of people only account for 92% of all wealth. You cannot simply subtract 7 from 100, as you apparently did, to come up with 93%. The graph leaves 1% of financial wealth unaccounted for. It would be appreciated if you fully document your sources next time. On a personal note, I hope you failed whatever intro to finance class you wrote this for as it is miscalculations like this that make things like mortgage backed securities and health care reform seem financially sound.
Time to restructure the system indeed! Thanks for this illuminating article.
Readers might find this article interesting also: http://hubpages.com/hub/bloodless-revolution
Love and peace
Tony
A little bit biased. I\’m not in the top 1 percent or anywhere close. I\’m currently unemployed, but I tell you what while we had our jobs and spent our paychecks, the people up top invested their money wisely.
You can break it into many more charts and graphs, but the bottom line is that the people who wanted out of living paycheck to paycheck got out. There are plenty of people who are on welfare and don\’t plan on getting off it. I\’ll enjoy my unemployment as long as I can, I\’ll apply for food stamps as well, and you know why, because I paid into it for several years and I do want to see some fruits of that labor.
I like your article, my opinion is that most people today do not really care about the stock market….www.charlesreviews.com
I like your article, my opinion is that most people today do not really care about the stock market….www.charlesreviews.com
Sry, but your math is wrong.. Unless of course you subscribe to the fox news style of math… The pie chart shows it clearly. There are several ways to go about it so here is just one. Bottom 80%: 7% of fin. wealth. So the correct number is the top 20% that controls 93% of all financial wealth.
The wealthy elite want to keep the masses in check by using welfare and socialist policies such as redistribution to keep them passified while at the same time depriving them of real opportunity to achieve by expanding government to control and limit their private lives. The answer to real freedom is less government and get corrupt politicians like Barney Frank and Harry Reid and Nancy Pelosi out of the influence of corrupt special interests.
http://cultureofdemocracy.com
Over 40% of every tax dollar received by the federal government pays just the interest on our national debt. The illusion of Americas’ perceived prosperity was just that, an illusion.
TreeHouseForrent.Com
Anyone else notice this flaw?
[Quote]
If we break the data down further we will find that 93 percent of all financial wealth is controlled by the top 10 percent of the country.
[/Quote]
Yet, using the pie chart if we add up 1% + 4% + 5% = Top 10% and if we add the wealth associated to each we get 42% + 27% + 11% = 78% of wealth…
So where on god’s green earth did you get 93%?
Anyone else notice this flaw?
[Quote]
If we break the data down further we will find that 93 percent of all financial wealth is controlled by the top 10 percent of the country.
[/Quote]
Yet, using the pie chart if we add up 1% + 4% + 5% = Top 10% and if we add the wealth associated to each we get 42% + 27% + 11% = 81% of wealth…
So where on god’s green earth did you get 93%?
I might like what you are saying, but I am used to seeing the “Source” listed as a tag or foonote for each graph, or table. This allow credibility to remain continuously certified, and reduces the suspicion of the otherwise gullible reader.
Please tell me more oabout who you are and your souces for your articles
Phillip Holt
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This is the zero-sum game fallacy.
Every time that a country has tried to “even out the wealth” it has actually eroded the wealth for everyone. To paraphrase Churchill: “in capitalism, we worry about the unequal division of blessings and in communism they live with the equal division of misery.” Over 89% of our country gets their TV via satellite or cable meaning that less than 11% either do not want or cannot afford to pay $100/month for entertainment. Compare to other societies where the poor go without food or adequate shelter.
Nobody has covered this article because it’s bogus. Straight-up garbage that somebody made up.
Before you want mainstream media attention, try adding your numbers– the 1, 4, and 5% on your pie chart add up to 80% of financial wealth but the following “scholarly” sentence says that the top 10% control 93% of financial wealth. GET AN EDITOR!