Wednesday, October 24, 2018
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Why Have A Wealth Explosion

Why Have A Wealth Explosion

 

The only people whose means have soared are at the very top, because they’ve received almost all the gains from growth. Over the last three decades, the top 1 percent’s share of the nation’s income has doubled; the top one-tenth of 1 percent’s share, tripled. The richest one-tenth of 1 percent is now earning as much as the bottom 120 million Americans put together.

Wealth has grown even more concentrated than income (income is a stream of money, wealth is the pool into which it flows).

The richest 1 percent now own more than 35 percent of all of the nation’s household wealth, and 38 percent of the nation’s financial assets – including stocks and pension-fund.

Think about this: The richest 400 Americans have more wealth than the bottom 150 million put together. The 6 Walmart heirs have more wealth than bottom 33 million American families combined.

So, you ask me why there’s a need for a Wealth Explosion.