One brutal sentence captures what a disaster money in America has become

[Yo_Mama_Been_Loggin]

One brutal sentence sums up the dismal state of wealth disparity in the US.

"The bottom half of Americans combined have a negative net worth," Ben Steverman wrote in a recent Bloomberg article.

This statement is based on the research of economists Emmanuel Saez and Gabriel Zucman, who study wealth inequality. Zucman is a "wealth detective" who spends hours combing through spreadsheets of tax tables, macroeconomic datasets, and international money flow calculations to find the secret money stashes of the world's richest people.

Saez and Zucman's research on wealth inequality also found that 20% of American wealth is controlled by the top 0.1% of taxpayers - or about 170,000 families. The top 1% control about 39% of the country's wealth, and the bottom 90% hold only 26%, despite years of economic growth in the US overall.

"The pie has not become bigger" in the US, Zucman told Bloomberg. "It's just that a bigger slice is going to the top."

https://www.msn.com/en-us/money/personalfinance/one-brutal-sentence-captures-what-a-disaster-money-in-america-has-become/ar-AABOnO4?li=BBnbfcN

[CaptYossarian]

3. I like my theory of wealth redistribution.

Put an expiration date of six months on all U.S. currency. You can't hide it in a bank or overseas either. And no money laundering. It's just like personal checks.

Think of it as "Brewster's Millions" for 330 million Americans.

[jmowreader]

10. So what do you do if you're a non-rich person who saves?

You shouldn't spend all your money the second you get it, but your plan seems to encourage that.

[CaptYossarian]

14. It's meant to make Mitt Romney crazy.

[KT2000]

2. the booming economy!

so say the wealthy

[ProudLib72]

4. The economy sucks!

So says Proudlib

[ck4829]

5. Wow

[SCVDem]

6. Retirement or suicide?

I see which way we are being herded.

[Celerity]

7. The 26 richest people in the world have more wealth than the bottom 50% (3.8 plus billion people)

https://www.theguardian.com/business/2019/jan/21/world-26-richest-people-own-as-much-as-poorest-50-per-cent-oxfam-report

At current trends, it may take only the top 15 to 18 or so in a year or two to equal the bottom half, the number of billionaires owning as much wealth as half the world’s population fell from 43 in 2017 to 26 last year. In 2016 the number was 61.

[Hortensis]

8. "We can have democracy in this country, or we can have great wealth

concentrated in the hands of a few, but we can't have both."

Nancy Pelosi at her swearing in as Democratic House Speaker, quoting Justice Louis Brandeis, whose generations chose democracy.

[Honeycombe8]

9. This is very bad. Has there been a study to show exactly why?

I assume it's low wages + debt. But I'd like to see a study that pinpoints the reasons.

Are people working in different fields because the good manufacturing jobs are gone? Have wages for particular fields not kept up with inflation? Are they in debt? What is the debt for? Are more people single than in the past? (I think being single translates into less wealth; at least it has for me.)

That would be an interesting study.

[PatrickforO]

11. Our candidates must educate Americans about this inequality.

It's a big deal, and 2017's giant tax cut for billionaires and corporations MUST be repealed as soon as we take power. And, that is necessarily only the beginning. Taxes are going to have to go up across the board.

[moondust]

12. Reward work, not wealth

Reward work, not wealth

[Auggie]

13. "Free Enterprise" means just about anything goes. Free to impoverish, exploit, steal,

lie, poison, murder, etc.

[MadDAsHell]

15. Not surprising. Many, many people have more car debt alone than they have retirement savings.

Add in the pittance of equity that many have in their homes due to 1% down payments, home equity loans to fund vacations and boats, etc., and yeah, the majority of Americans are upside down. People buying stuff they don't need to impress people they probably don't even particularly like/respect that much.

The consumption at all costs mentality in this country has been a disaster, but how do people break thenselves out of the habit at this point?