In this clip, Thom Hartmann talks about how the bottom 80% of Americans only own 7% of the wealth and why this shocking fact is a direct consequence of supply-side economics, aka Reaganomics or trickle-down.
We recently published a viral video that reveals jarring statistics about wealth inequality in the U.S. as well, and we’re glad the topic is getting some much-deserved attention. In our opinion if you aren’t concerned, you aren’t really paying attention. Class warfare exists…and the 99% are losing.
More facts about wealth inequality in the United States, from Inequality.org:
- Between the end of World War II and the late 1970s, incomes in the United States were becoming more equal. In other words, incomes at the bottom were rising faster than those at the top. Since the late 1970s, this trend has reversed.
- Data from tax returns show that the top 1 percent of households received 8.9 percent of all pre-tax income in 1976. In 2008, the top 1 percent share had more than doubled to 21.0 percent.
- n 2007, the top 1 percent share of national income peaked at 23.5 percent. The only other year since 1913 that the wealthy had claimed such a large share of national income: 1928, when the top 1 percent share was 23.9 percent. The following year, the stock market crashed, and the Great Depression began. After peaking again in 2007, the U.S. stock market crashed in 2008, leading to what some are now calling the “Great Recession.”
- Between 1979 and 2009, the top 5 percent of American families saw their real incomes increase 72.7 percent, according to Census data. Over the same period, the lowest-income fifth saw a decrease in real income of 7.4 percent. This contrasts sharply with the 1947-79 period, when all income groups saw similar income gains, with the lowest income group actually seeing the largest gains:
- In 2009, this top 1 percent of U.S. households owned 35.6 percent of the nation’s private wealth. That’s more than the combined wealth of the bottom 90 percent.
- The top 1 percent also own 38.2 percent of all stock market wealth.
- The total inflation-adjusted net worth of the Forbes 400 rose from $507 billion in 1995 to $1.62 trillion in 2007, before dropping back to $1.37 trillion in 2010.
- In 2007, the latest year with Federal Reserve figures available, the typical white household had a net worth about 14 times as large as the typical African American or Hispanic household.
Watch Thom Hartmann report on extreme and troubling wealth inequality in the United States: