How Unequal Are We? Redistribution of Wealth to the Rich

· Percentage of U.S. total income in 1976 that went to the top 1% of American households: 8.9.
· Percentage in 2007: 23.5.
· Only other year since 1913 that the top 1 percent’s share was that high: 1928.
· Combined net worth of the Forbes 400 wealthiest Americans in 2007: $1.5 trillion.
· Combined net worth of the poorest 50% of American households: $1.6 trillion.

In 2007, the latest year for which figures are available from the Federal Reserve Board, the richest 1% of U.S. households owned 33.8% of the nation’s private wealth. That’s more than the combined wealth of the bottom 90 percent.

The total inflation-adjusted net worth of the Forbes 400 rose from $502 billion in 1995 to $1.6 trillion in 2007 before dropping back to $1.3 trillion in 2009. Net Worth is highly unequal when it comes to race. In 2004, the latest year for which Federal Reserve figures are available, the typical white household had a net worth about seven times as large as the typical African American or Hispanic household. Since the 1980s, Americans have spent more and more of their income on expenses, leaving less for savings. The U.S. Personal Savings Rate declined from 10.9 percent in 1982 to 1.4 percent in 2005 before rising to 2.7 percent by 2008.

The total inflation-adjusted net worth of the Forbes 400 rose from $502 billion in 1995 to $1.6 trillion in 2007 before dropping back to $1.3 trillion in 2009. Net Worth is highly unequal when it comes to race. In 2004, the latest year for which Federal Reserve figures are available, the typical white household had a net worth about seven times as large as the typical African American or Hispanic household. Since the 1980s, Americans have spent more and more of their income on expenses, leaving less for savings. The U.S. Personal Savings Rate declined from 10.9 percent in 1982 to 1.4 percent in 2005 before rising to 2.7 percent by 2008.

Source

Link to PDF document where much more information can be found:
PDF document

[edit on 21-4-2010 by David9176]

As this information shows...there is obviously A PROBLEM here. While the majority of the country continues to get poorer...the rich are getting richer...when adjusted for inflation.

It has really gone into overdrive since Reagan came into office...with each President and Congress after him devastating the middle class with terrible trade laws and deregulation, corporate tax cuts.

The middle class once used to be strong...now it is nearly non-existent. The numbers don't lie.

And we are parroting about $#@@$%% socialism

I mean if this country isn't stupider than a vacuum cleaner sometimes...

The great part is this is what people want, they have it and they want more.

Someone set me straight please-

Thanks for those fact and figures.

I'll bet the rich don't think we live in a socialist country.

I'm far from rich and I don't see how anyone can even remotely think the US is a socialist country unless they are a complete moron or....

their ideology has gotten in the way of their common sense.

Janky Red, my vacuum cleaner is smarter than a lot of people I encounter on a daily basis.

s&f

Good old Gipper. What a con-artist. Bring on Socialism. It works in Norway. Wealth should be capped at $2 million. Anyway, whatever. Prepare for the next life.

Apparently, according to Fox News and most anyone who is fighting for tax cuts for the rich and against an increase for them, we must have been a socialist country BEFORE 1980.

Because to them....a tax increase to the rich is SOCIALISM....EVEN IF we go back to FORMER TAX RATES.

I don't give an F anymore about what we label our country...capitalism...socialism....I simply DO NOT CARE.

This blatant redistribution of wealth to the rich however SHOULD MAKE PEOPLE CARE...there is no label. THIS IS WRONG.

Why in God's name are people fighting for the same ones that are taking away the once good future the middle class had?

Bah...what am I saying....it's perfectly cool for the top 400 families in our country to be worth equal to HALF OF THE REST OF THE COUNTY!



[edit on 21-4-2010 by David9176]

I'm gonna share some personal things here, which I usually would not, but I have a point to make.

The system is DEFINETLY set up to reward the rich and completely tax the poor at an increasing rate.

I'll use myself as an example.

I made a little over 500K last year, personal income.

I paid throughout the year, about 25K in income taxes. Another 8K for IE and CPP and those things.

I filed my return and do you know how much I got bacK?

Twenty Two Thousand.

Meanwhile one of my employees who makes 60K a year was dinged for 15K in taxes and had to give the government another 1200$ when he filed his return.

That is utterly ridiculous. I could not believe my eyes. To me, the richer you are, the more you should pay, it just makes sense.

I called the goverment, asked them what was up, they said

" Ohh your lucky, you fall into the higher tax bracket, enjoy your free money"

I felt sick to my stomach. So I left my house with my cheque in hand a brought it straight to the Community Big Brothers/Big Sisters club and donated all of it.

The system is purely un-moral.

~Keeper

Everything you are saying is true Dave..

But I have to wonder why this exactly is?.. I am thinking the "poorer" are getting less and less educated.

A good example of this would be this "Jesus" (scam) type site I ran into on the internet selling Iraqi Rials *DINAR* (that are basically worthless) claiming that this church is selling this Iraqi money to the good (christian) people of the USA so one day they will be able to covert this worthless money into multiples of 1000's when Iraq is saved by Jesus or something.

I don't care who believes in whatever, but really some people are pretty stupid. I found this because one of my extended family members actually got into this.. So not too sure what that says about my mom's side of the family haha

[edit on 21-4-2010 by GreenBicMan]

Sorry

F it

we reap what we sow

[edit on 21-4-2010 by Janky Red]

reply to post by GreenBicMan


That's hilarious -- I invoked you Greenbicman -- saying all we need is you to comment and then my post got censored as inappropriate!

Thanks for confirming the appropriateness of my post.

Yes indeed share with us more wisdom about how great Wall Street is and how the Fed is cool and now....

poor people are stupid.

So they're poor because they're stupid and therefore victims of the rich?

Or are stupid people victims of the smart and therefore poor?

Please enlighten us Greenbicman!!

reply to post by drew hempel


Good question

I am guessing you bought some of those Dinar as well, huh?

Sucker born every minute.

__________________________________

But maybe if some people were smart they would read a few books about long term investing and then have generational wealth for a few lifetimes to come. Don't even have to start rich. Just don't be an idiot.

Originally posted by drew hempel
reply to post by GreenBicMan

 

That's hilarious -- I invoked you Greenbicman -- saying all we need is you to comment and then my post got censored as inappropriate!

Thanks for confirming the appropriateness of my post.

Yes indeed share with us more wisdom about how great Wall Street is and how the Fed is cool and now....

poor people are stupid.

So they're poor because they're stupid and therefore victims of the rich?

Or are stupid people victims of the smart and therefore poor?




Please enlighten us Greenbicman!!

I am not sure what you mean about the flag thing..

I didn't flag your post and I could care less about what you have to say because you are known as one of the biggest morons on this board. You must really love yourself.

reply to post by GreenBicMan


Actually my uncle does some small town investment work so I asked him if he did currency trading. He looked at me like I was from Mars. Strange how over 50% of Wall Street is DEBT trading -- not equity -- and how much is

SPECULATIVE?

Oh maybe you can tell us -- currency trading is not so uncommon to Wall Street is it?

Or is that strictly not over-the counter -- but just private trading like commercial -- ooops I mean investment banks?

Hahah.

The answer is Wall Street is some 90% speculative trading dominated by currency trading.

So nice try with the mom and pop dinar scam.

haha.

Funny how Islam does not allow money to be loaned on interest and yet somehow there's some Iraqi currency speculation scam?

That's at least a double whammy -- throw in the genocidal sanctions on Iraq by the U.S. and

you got a 2 million death DEAL!!

I'm in!!

Originally posted by David9176


Bah...what am I saying....it's perfectly cool for the top 400 families in our country to be worth equal to HALF OF THE REST OF THE COUNTY!



[edit on 21-4-2010 by David9176]

1. But your punishing people for being successful
2. Your rewarding lazy people
3. " insert Jefferson quote"
4. Your a commie
5. I stand for the constitution
6. Stalin was evil
7. Hitler was a socialist, therefore you love Hitler
8. blah
9.blah
10. blah

EAD

Originally posted by drew hempel
reply to post by GreenBicMan

 

Actually my uncle does some small town investment work so I asked him if he did currency trading. He looked at me like I was from Mars. Strange how over 50% of Wall Street is DEBT trading -- not equity -- and how much is

SPECULATIVE?

Oh maybe you can tell us -- currency trading is not so uncommon to Wall Street is it?

Or is that strictly not over-the counter -- but just private trading like commercial -- ooops I mean investment banks?

Hahah.

The answer is Wall Street is some 90% speculative trading dominated by currency trading.

So nice try with the mom and pop dinar scam.

haha.

Funny how Islam does not allow money to be loaned on interest and yet somehow there's some Iraqi currency speculation scam?

That's at least a double whammy -- throw in the genocidal sanctions on Iraq by the U.S. and

you got a 2 million death DEAL!!

I'm in!!

I have no idea what you are talking about.

I really don't, and don't know if you are trying to "burn" me or agree. Just dumb it down a bit for me.

reply to post by GreenBicMan

But I have to wonder why this exactly is?.. I am thinking the "poorer" are getting less and less educated.

I agree...it's a factor....but there are reasons for it. One of the most important factor, IMO, is that both parents have to work in most families. It wasn't long ago one parent could pay all the bills and feed the family. One parent would always be home to be around with their kids and to help with school work...and to just plain BE THERE. Kids aren't getting the attention they need because the time parents have with their kids is now more limited.

If wages were higher....only one person per family would need to work...which means better family values...and more jobs.

We need to return to the policies of old and turn back the clock on many policies that have happened since 1980...and even some before.

The average household is..in itself...a business. Most households are businesses that are close to failing...with debt and stagnant/falling income.

Something has to be done or we are toast.

reply to post by David9176


That is true too.

But it also seems when I was younger family values were more of a priority to that reference in time as opposed to now. It could also just be my views are changing as I get older too...

But I mean now instead of getting home after school kids aren't watching Dennis The Menace, but 16 and pregnant on MTV and mind warping # like that..

Media might have a bigger role in this than I previously thought the more I think about it.

[edit on 21-4-2010 by GreenBicMan]

Originally posted by GreenBicMan
reply to post by David9176

 

That is true too.

But it also seems when I was younger family values were more of a priority to that reference in time as opposed to now. It could also just be my views are changing as I get older too...

But I mean now instead of getting home after school kids aren't watching Dennis The Menace, but 16 and pregnant on MTV and mind warping # like that..

Media might have a bigger role in this than I previously thought the more I think about it.

[edit on 21-4-2010 by GreenBicMan]

Beat me to it

I go with media

I was a latchkey type

But my god these juniors can't work to save their own lives.

I think media and the TV worship is to blame for much of societies blatant stupidity, the population in general...

The juniors just optimize it



[edit on 21-4-2010 by Janky Red]

I agree with you both.

For example, a personal one:

Both my parents worked when I was growing up. When I got home from school...no one was home. My old man worked till 6pm and my mother was already gone for work when I got home. I didn't do homework...I didn't do much of anything really. My father was always too tired to spend time with us much as he worked ridiculously long hours. My mother was a bartender and didn't get home till the wee hours of the morning. I was the oldest of 3 boys...my younger brothers have had nothing but problems with debts, holding jobs, JAIL, etc.

It's like this for many families now...in fact it's much worse. There is a major disconnect with parents and their children.

But to me this is all just a symptom from the cause....the deterioration of the middle class.