The greater the gap between the rich and everyone else, the more dangerously unstable economies become.
In 1928, a year before the Great Depression, the top one-hundredth of 1 percent of U.S. families averaged 892 times more income than families in the bottom 90 percent.
In 2006, the top 0.01 percent averaged 976 times more income than America’s bottom 90 percent.
The bottom 50 percent of Americans now has 2.5 percent of the wealth. The top 1 percent of Americans own over 50 percent of U.S. stocks, bonds and mutual funds.
Income disparity in the past two decades, adjusted for inflation:
CEOs: +298.2 percent
Corporate profits: +106.7 percent
Production workers pay: +4.3 percent
Federal minimum wage: -9.3 percent
Real average wages for the typical American worker haven’t increased in the past 50 years.
Thanks largely to Ronald Reagan and George W. Bush, income tax rates for the richest 0.01 percent of Americans decreased almost 50 percent in the past 35 years. During the same time, income tax rates for you and me — average Americans — have remained the same.
Since 1979, the share of America’s income has doubled for the top 1 percent, while the bottom 90 percent has seen their share of America’s income decrease.
The ultra rich, or those with investable assets of at least $30 million, increased their wealth by 21.5 percent last year.
How much did your wealth increase last year?
And, please tell me again, who did you say you were going to vote for in November?