Monday, February 14, 2011

Nine Pictures Of The Extreme Income/Wealth Gap

I guess I'm crazy to worry about what happens when the income distribution in the US is now worse than Egypt's and the governor is going to pay for tax cuts for the rich by balancing the budget on the backs of the middle class.

Nine Pictures Of The Extreme Income/Wealth Gap |

There are a few people who make hundreds of millions of income in a single year. Some people make more than $1 billion in a year But that is in a single year. If you make vast sums every year, after a while it starts to add up. (And then there is the story of inherited wealth, passed down and growing for generation after generation...)
Top 1% owns more than 90% of us combined. "In 2007, the latest year for which figures are available from the Federal Reserve Board, the richest 1% of U.S. households owned 33.8% of the nation’s private wealth. That’s more than the combined wealth of the bottom 90 percent." (Also from the Working Group on Extreme Inequality)
400 people have as much wealth as half of our population. The combined net worth of the Forbes 400 wealthiest Americans in 2007: $1.5 trillion. The combined net worth of the poorest 50% of American households: $1.6 trillion.

So, there is more than enough money in the top 1% to balance the budget? Well, better not to bother them about this. We'll let the working class handle it.

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