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Sun May 26, 2019, 02:23 PM

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

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

15 replies, 4193 views

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Arrow 15 replies Author Time Post
Reply One brutal sentence captures what a disaster money in America has become (Original post)
Yo_Mama_Been_Loggin May 2019 OP
Name removed May 2019 #1
CaptYossarian May 2019 #3
jmowreader May 2019 #10
CaptYossarian May 2019 #14
KT2000 May 2019 #2
ProudLib72 May 2019 #4
ck4829 May 2019 #5
SCVDem May 2019 #6
Celerity May 2019 #7
Hortensis May 2019 #8
Honeycombe8 May 2019 #9
PatrickforO May 2019 #11
moondust May 2019 #12
Auggie May 2019 #13
MadDAsHell May 2019 #15

Response to Yo_Mama_Been_Loggin (Original post)


Response to Name removed (Reply #1)

Sun May 26, 2019, 04:00 PM

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.

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Response to CaptYossarian (Reply #3)

Sun May 26, 2019, 04:45 PM

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.

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Response to jmowreader (Reply #10)

Sun May 26, 2019, 07:26 PM

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

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 03:56 PM

2. the booming economy!

so say the wealthy

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Response to KT2000 (Reply #2)

Sun May 26, 2019, 04:06 PM

4. The economy sucks!

So says Proudlib

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 04:10 PM

5. Wow

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 04:20 PM

6. Retirement or suicide?

 

I see which way we are being herded.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 04:22 PM

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.



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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 04:26 PM

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.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 04:33 PM

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.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 05:12 PM

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.
This is the DU member formerly known as PatrickforO.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 05:19 PM

12. Reward work, not wealth

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 05:23 PM

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

lie, poison, murder, etc.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun May 26, 2019, 07:27 PM

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?

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