June 16, 2019
The One Percent Got $21 Trillion Richer Since 1989. The Bottom 50 Got Poorer.
NY Mag - In its new Distributive Financial Accounts data series, the central bank offers a granular picture of how American capitalism has been distributing the gains of economic growth over the past three decades. Matt Bruenig of the People’s Policy Project took the Fed’s data and calculated how much the respective net worth of America’s top one percent and its bottom 50 percent has changed since 1989. He found that America’s superrich have grown about $21 trillion richer since Taylor Swift was born, while those in the bottom half of the wealth distribution have grown $900 billion poorer.
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3 comments:
Many would wonder how this came to be. It is very easy. Humans reckon in short time frames and then die off, because the trends go on for longer, the general population misses it. Young people who were working 30 years ago in 1989 which was the base of the trends are probably now between 50 and 60. At this age they are thinking about retirement and are anxious about issues which do not include the underlying socioeconomic fundamentals. The new generation is suckered in with propaganda about terrorism, immigration, and demography and suckered into an idiotic trance with television, celebrities and fast foods. Meanwhile, the inequality graph accelerates to tipping point. Like many, I am curious to know where it all ends.
7:31 AM,
I'm 54 and the "underlying socioeconomic fundamentals" are a major concern for me, one as big as retirement. If these "underlying socioeconomic fundamentals" don't improve, there is no way anyone who isn't in the top 5% won't suffer. You seem blissfully ignorant of all the seniors who will need to work until they die, because these "underlying socioeconomic fundamentals" have been consistently undermined and willfully destroyed since the election of Ronald Reagan.
Thanks for engaging in the discussion about this issue which at the heart of concerns by especially Baby boomers and Gen X at this time. I said in my piece;
"are probably now between 50 and 60. At this age, they are thinking about RETIREMENT and are anxious about issues which do not include the underlying socioeconomic fundamentals." the underlying fundamentals are the causes of inequalities. You are therefore echoing my thoughts.
As an example, you should not be thinking about health care at all if the fundamentals had been addressed when you were younger. The UK health system has been touted as a good example but there are equal if not better ones in France, Spain, Germany and the entire EU. An acquaintance returned from Spain and still talks about how his host's gardener has just recovered from 2 year cancer therapy at zero cost, whilst still earning his salary and is due to retire on his salary. Such dignity is beyond having a handful of millionaires in the US whilst many seniors have to work (if healthy)till they expire. Focusing only on health care my friend said he was shocked to find ads for private health care insurance everywhere.
Apparently everyone is sign on to the universal care but if you are wealthy you can have private health care just like in the US. It is the same as the US but the rich do not feel guilty. With health care out of the way, no employer has to think about it when hiring. The US could have adopted these several decades ago but then the thinking during the pre civil rights era was no, it would benefit black people and immigrants.
The solution is to address the causes of this massive inequality so the today's teenagers don't have to work when they are 70 years.
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