From an article in the New York Times on growing economic inequality:
Inequality is hardly a new feature in America. But the explosion of wealth at the very top is without precedent in U.S. history. At the height of the Gilded Age at the end of the 19th century, the richest handful of Americans had a net worth equivalent to about 3 percent of the country’s annual economic output, according to data compiled by the French economists Gabriel Zucman and Emmanuel Saez. Today, the fortunes of the same 0.00001 percent — about 20 individuals — make up roughly four times as large a share, equivalent to 12 percent of annual output.
. . . . .
The picture for the other 99 percent of Americans is more nuanced. More than half of U.S. households own stocks, either directly or through retirement accounts, meaning they have benefited at least somewhat from the record-setting run-up in share prices. Wealth has risen more slowly for middle-class families than for the rich over the past decade, Federal Reserve data shows, but it has still risen.
For most Americans, however, “wealth” is a somewhat abstract concept, tied up in the house where they live and the retirement accounts they hope to leave untouched for as long as possible. What matters more, day to day, is their income. And the share of national income going to workers has been trending down for decades. It hit a record low in the first quarter of the year, according to data from the Commerce Department.
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As I’ve said repeatedly, it’s the Golden Age for America’s oligarchs and a Golden Shower for ordinary Americans.
And as the few at the top prosper and the masses at the bottom struggle, our national debt keeps growing, now standing at $39.25 trillion. And rest assured that our MAGA Republican dominated government will take from the masses and leave the oligarchs unscathed if they ever decide to do anything about the deficit and debt . . . after all, anything you do for the rich is a wholesome incentive and anything you do for the poor is evil socialism!
People hate getting screwed, and rightfully so. Perhaps someday they’ll realize that the best way to stop getting screwed is to stop screwing themselves. Or maybe I’m overly optimistic.