When I hear about “class warfare” and how it’s unfair to have a progressive taxation system that relies more on the wealthiest citizens, well, it’s hard to take those opinions seriously. The rich are indeed getting richer. Much, much richer. And the middle class and lower income folks continue to see their percentage of the overall percentage of our collective wealth drop year after year.
Take a look…
Wealth Distribution in US
Let’s consider this for a moment…the amount of people in this country that make up the top 10% of income earners are roughly 6.6M. That’s 2.2% of the population having roughly 70% of the wealth. Compare that to the other side of that coin, 150M only hold 2.5% of the wealth. Put together, those facts pretty much say it all.
So why this historical disparity?
Well, the lack of income growth tells part of the story…
Real Average Earnings The Past 50 Years
As does the gap between executive pay, corporate profits and blue collar pay.
CEO Vs. Production Worker Pay
And then there’s stock ownership…
Stock Ownership in US
That’s right. Less than 3% of the people in the US own over 90% of the stock.
So, tell me what you think? Any way to turn this around?
More at Business Insider.