Trends in the Distribution of Weath Are Even Scarier Than Trends in Income
“We have an economy in this country that is not working for working people,” says Sen. Kamala Harris, a Democratic candidate for President. It is a common refrain. As the following chart shows, when adjusted for inflation, average hourly earnings of ordinary U.S. workers have grown just 15 percent over the past 30 years. Weekly earnings of full-time employees have grown even less, just 10 percent.
Meanwhile, the pay of top earners has soared. According to a study from the Economic Policy Institute, in 1989, the pay of corporate CEOs was 59 times as high as that of production workers. By 2016, it had risen to 270 times higher than workers’ pay.
No wonder a lot of Americans are feeling left behind by a booming economy. But wages are not the whole story. Would you believe, there are other data that make the “left behind” narrative look even worse?
Here are the astonishing data on the net worth of American households since 1990, broken down by income percentiles. The chart is based on the latest data from the Federal Reserve. The total net worth of the super-rich — the top 1 percent of households — is more than three times higher than it was in 1990. The wealth of the merely rich — those in the 90th to 99th percentiles — is two and a half times higher. That of the upper middle class — the 50th to 89th percentiles — has almost doubled. Meanwhile, the net worth of the poor and working-class households who make up the bottom half of the distribution has actually fallen by 20 percent, when adjusted for inflation.
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.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
One take-away is that no-skilled, low-skilled, and even moderately skilled labor does not have much value. I do agree about the debt.