Popular Resistance - A new study by the Boston Consulting Group has found that while wealth inequality is growing on a global scale, it has kicked into overdrive in the United States – where America’s 1% are expected to control 70 percent of the nation’s private wealth by the year 2021.
The firm found that the already massive gap between the world’s wealthy elite – the approximately 18 million households that hold at least than $1 million in assets – and everyone else is continuing to widen at a remarkable rate. The estimated 70 million people who make up these households were found to control 45 percent of the world’s $166.5 trillion in wealth. And in just four more years, it is estimated that they will control more than half of the world’s wealth, despite representing less than 1 percent of the world’s current population.
However, while rising inequality is a global phenomenon, it is especially pronounced in the United States. While wealth inequality in the U.S. is by no means an unknown phenomenon, the U.S. is significantly more unequal than most other countries, with the nation’s elite currently holding 63 percent of the private wealth. The U.S. elite’s share of national wealth is also growing much faster than the global average, with millionaires and billionaires expected to control an estimated 70 percent of the nation’s wealth by 2021.
2 comments:
The study is extrapolating from the last 10-20 years, and assumes that the Cheap Labor policies of the the last decades would continue. It's exactly what we would have gotten with the democrats.
Thankfully we have an administration that's ending policies which encourage exporting of manufacturing, is slowing illegal immigration, and is scaling back on work visas for cheap indentured labor whether in healthcare, technology, or agriculture.
Things are looking up for labor. Already we're beginning to see labor shortages in certain regions and sectors. This will do more for decreasing inequality and improving quality of life than any amount of government "programs".
Boffin,
I haven't seen any movement of substance by 45's regime to create real fixes for the problems you mention. I've mostly seen a lot of broken campaign promises, useless floundering, vacant bluster, lies, and pathetic attempts at manipulating from the oval office. 45 doesn't even read the things he signs. Your telling suggests 45 has actually accomplished something. I have yet to see evidence of any accomplishments. 45 seems to be digging himself an ever deeper hole to fall into, and I fear he will take the rest of us with him.
Things may be looking up for a low the unemployment rate, but Labor is still fighting for it's very life. The current minimum wage still won't pay for an apartment in most cities. When people are still working 3 jobs just to keep a roof over their heads, things are not looking up for labor.
I'm no fan of the Democrats, I have never voted for Hilary, but 45's regime will leave the US in shambles, and an international pariah. That is what 45's actions will accomplish.
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