Tuesday, October 11, 2011

Five Facts about the Super-Rich

Amplify’d from www.instapaper.com

five facts about this
class of super-rich Americans:

1. The Top 1 Percent of Americans Owns 40 Percent of the
Nation’s Wealth

 As Nobel Laureate Joseph Stiglitz points
, the richest 1 percent of Americans now own 40 percent of
the nation’s wealth. Sociologist William
Domhoff illustrates
 wealth disparity using 2007 figures where the top 1
percent owned 42 percent of the country’s financial wealth
(total net worth minus the value of one’s home). How much
does the bottom 80 percent own? Only 7 percent.



As Stiglitz notes, this disparity is much worse than it was in
the past, as just 25 years ago the top 1 percent owned
33 percent
 of national wealth.

2. The Top 1 Percent of Americans Take Home 24 Percent
of National Income

While the richest 1 percent of Americans take home almost a
quarter of national income today, in 1976 they
took home just 9 percent
— meaning their share of
the national income pool has nearly tripled in roughly three

3. The Top 1 Percent Of Americans Own Half of the
Country’s Stocks, Bonds and Mutual Funds

 The Institute for Policy Studies illustrates this
massive disparity in financial investment ownership, noting that
the bottom 50 percent of Americans own only .5 percent of these



4. The Top 1 Percent Of Americans Have Only 5 Percent of
the Nation’s Personal Debt

Using 2007 figures, sociologist William Domhoff points
 that the top 1 percent have 5 percent of the
nation’s personal debt while the bottom 90 percent have 73
percent of total debt:



5. The Top 1 Percent are Taking In More of the
Nation’s Income Than at Any Other Time Since the

Not only are the wealthiest 1 percent of Americans taking home a
tremendous portion of the national income, but their share of this
income is greater than at any other time since the Great
Depression, as the Center for Budget and Policy
Priorities illustrates
in this chart
 using 2007 data:



As Professor Elizabeth Warren has explained, “There
is nobody
in this country
 who got rich on his own. Nobody…Part
of the underlying social contract is you take a hunk of that and
pay forward for the next kid who comes along.”

More and more often, that is not occurring, giving the
protesters ample reason to take to the streets.

Read more at www.instapaper.com

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