Since 1989, The Top 1% Gained $21T In Wealth. The Bottom 50% Lost $900B.

William James

Data recently released by the Federal Reserve has shown inequality has greatly worsened since 1989.

A data series recently released by the Federal Reserve has shown that over the past 30 years the top one percent of Americans have gained $21 trillion in assets while the bottom 50% have lost $900 billion.

Matt Bruenig, founder of the left-leaning think tank People’s Policy Project, asserted that the bottom 50%’s loss of wealth has left them mired in debt, according to an article from Common Dreams.

“the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets,” said Bruenig.

Representative Pramila Jayapal (D-Wash), co-chair of the Congressional Progressive Caucus, was dismayed at findings presented from the “Distributive Financial Accounts” data series.

“We have the worst inequality in this country since the 1920s…Three wealthiest people in America have as much wealth as the bottom 50 percent,” said Jayapal.

This newly released pool of data represents the current state of wealth inequality in America and the implications it has for future Americans as wealthy Americans continue to accrue assets and low net worth Americans continue to lose wealth.

See entire story here.

Comments (14)
No. 1-4
TGA
TGA

Rather than focus on how to take the wealthies’ money and redistribute it how about getting the bottom 50% more productive? How much of that 50% are unemployed, welfare, students etc that aren’t generating income and drive their average earnings down?
Punishing the successful in society to reward the non-productive is a recipe for economic collapse.

poopiedirt
poopiedirt

how about those money hoarding tweebs bring back jobs to the u.s instead of finding other hungrier people to exploit..you sound like you are one of the monied

Mary Julia
Mary Julia

TGA, no one is talking about taking anyone's money. The companies that do not pay taxes is where the focus is. Exxon, Amazon, and many others need to pay TAXES. They use our roads and highways to conduct business but they don't pay a penny in taxes!!!

Oldsoul50
Oldsoul50

Great question - the short answer is that they already do & always have. The longer answer is that productivity has actually steadily and consistently risen since 1989. The wealthiest really are basically stealing from the working class & destabilising our society in the process. It's a symbiotic relationship between employers & emoloyees, whether you are talking about small businesses or corporations. When wealthy business owners & corporations do not give a fair share of the profits they actuall earn together, society suffers, the working class suffers, and then eventually the corporations and businesses suffer too.


Economics, Finance and Investing

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