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America’s Richest 1% Owned 5% in 1990, Own 36% Today
Eric Zuesse
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7 Comments
Rehashing the misery of this problem, surely it only interjects more confusion and does more harm than good in bringing about a solution. For the root cause and only important statistic is the gross manifest injustice of the greed-driven educated upper-half of society hoarding all the land, wealth and political power, thereby enslaving my slow of thought laboring-class as the 50% working-poor.
I believe the author misread the charts.
Wealth of the 1% went from $5T to $36T
The % of Wealth owned by the 1% went from 24% to 31%
None of that is true.
Mike, Thank you: I erred. You are right. I shall remove this article. This has never happened before. I assumed percentages instead of amounts, but my understand was clearly wrong there. I apologize for having been sloppy. I never shall do such a thing again.
Hi Eric, no need to apologize. it is not the easiest thing to read. while the percentages you presented were not correct, your messages was.
And you dare call yourself an Investigative Historian?
Silly mistakes like this are typical of people whom think from irrational emotion, rather than from logic, reason, and other more deliberative mental processes.
I’ve never seen so many people with so much stuff, but whom can only continue to gripe. Way too many people with more money than brains. Billionaire Carl Icahn likes to brag that “Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.” The 40’s-70’s generation was a goldmine in that sense. No shortage of stupidity. The Author of this is from that original Entitlement generation, the “Boomers”. The same generation that supported massive free money creation (in an era second only to today’s massive money spigot), that generated this massive inequality (and debt), as they… Read more »