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Tax the rich 2The good people at Too Much, the online newsletter of Inequality.org have another sobering but powerful article this week. The rather amazing and disturbing finding: the wealth of the average American family is up over the last 25 years, but the wealth of the median family has actually dropped. If this finding leaves you scratching your head, it boils down to the fact that the rich have become so rich that they’re dragging up the overall average even though typical families are faring worse. This is from the article:

The growing wealth of these affluent, the new Fed data show, is driving up America’s average family net worth. But straight averages can mislead — and even deceive. If nine people each have zero net worth and a tenth person holds a fortune worth $10 million, the average person in that 10-person group will be a millionaire.Medians, by contrast, tell us more about how everyday people are truly faring. At the median point, half the people in any distribution have more, half less. In 1989, the new Fed Survey of Consumer Finances details, the median — most typical — U.S. family held $84,800 in net worth, after adjusting for inflation.

In 2013, America’s most typical families held only $81,200, 4 percent less.

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These come from a recent University of California Alumni Association profile of economist Emmanuel Saez and his work that was linked to by the excellent online newsletter Too Much:

The top 1 percenters in the United States, for example, have seen their share of national income rise from under 8 percent in 1970 to just under 20 percent in 2010. A similar pattern is seen in Canada, which also adopted the same esprit de laissez-faire that made Reaganomics the hallmark of United States fiscal policy in the 1980s.

In contrast, over the same period, the top 1 percenters in Japan saw their share of national income inch up from 8 to 9.5 percent. French and Swedish plutocrats were similarly deprived. (Emphasis supplied).

Meanwhile, check out the following amazing graph of Census data that also comes from the folks at Too Much: Read More

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Inequality - long termThe good people at Inequality.org and the online publication Too Much do a great job each week of documenting America’s one-sided class warfare and the fast-mushrooming gap between the haves and have nots. If you’re not already a subscriber to their updates, click here to get signed up.

The graphic at left was featured in the most recent edition of Too Much and paints a remarkable picture of where the market fundamentalists appear bent on taking the country in the years to come.

Note: You might want to make sure that anyone you share it with this evening has a cold beverage close by to ease the pain.

 

 

 

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(Image: AFL-CIO / paywatch.org)

Just when you thought things couldn’t get much worse on the American inequality front, you encounter reports like the new “Executive Paywatch” report from the AFL-CIO.

Click here to check out the website — it includes a section in which you can view CEO pay by state. And while the top guys (and they’re almost all guys – 67 out of 69) in North Carolina aren’t as obscenely wealthy as they are in New York or Texas, the gap remains huge; the ratio of CEO pay to that of the average worker in North Carolina is 108 to 1.

 

 

 

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David Koch

Conservative plutocrat, David Koch

It’s no secret that America’s economic inequality continues to metastasize at a remarkable pace. Still, when one actually takes a moment to look at and consider the vast holdings of the nation’s richest families (and the avarice often represented therein) it can take your breath away. For some cases in point, check out the following article entitled “A Third of a Trillion for Three Families,” by tax lawyer Bob Lord for the website Inequality.org.

“How concentrated has America’s wealth become? In the not-so-distant future, if current trends continue, a mere handful of Americans will together hold over $1 trillion in wealth. Read More