Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis published Friday found that the top one percent of Americans gained $21 trillion in wealth since 1989 while the bottom 50 percent lost $900 billion.
“We have the worst inequality in this country since the 1920s.”
—Rep. Pramila Jayapal (D-Wash.)
Matt Bruenig, founder of the left-wing think tank People’s Policy Project, broke down the Federal Reserve’s newly released “Distributive Financial Accounts” data series and found that, overall, “the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets.”
The growth of wealth inequality over the past 30 years, Bruenig found, is “eye-popping.”
“Between 1989 and 2018, the top one percent increased its total net worth by $21 trillion,” Bruenig wrote. “The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period.”
“Enormous crisis,” Rep. Pramila Jayapal (D-Wash.) tweeted in response to Bruenig’s analysis.
“We have the worst inequality in this country since the 1920s,” wrote Jayapal, co-chair of the Congressional Progressive Caucus. “Three wealthiest people in America have as much wealth as the bottom 50 percent.”
David Cay Johnston: The key way the super rich avoid taxes — and a simple way to close their tax loopholes once and for all
Our investigative series The Koch Papers illustrates many deep problems in America’s creaky, century old-income tax system, especially how our Congress has, through favors to donors, transformed it into has two tax systems, separate and unequal.
These dual systems pose a threat to our nation’s social stability, to our national security and to America remaining a nation of equality under law. But there is a simple solution to this, as we shall see. It requires only that Congress stand up for honest and fair tax law enforcement, not the interests of those major campaign donors who cheat.
How to fix a big problem with the Trump-radical Republican tax law
The American people got a highly misleading June 24 report from Congressional staff about the effect of repealing Donald Trump’s $10,000 limit on state and local tax deductions, known as SALT.
Millionaires and billionaires get most of the benefits if the limitation is repealed, the Congressional Joint Committee on Taxation reported.
Our major news organizations promptly parroted the findings without digging deeper. And none thought to report on whether the tax committee staff had been asked the right or best question in preparing its analysis.
Betsy DeVos shows her true colors by blocking efforts to help disabled minority students
The U.S. Department of Education’s various attempts to stall the implementation of federal regulations created by the Obama Administration to address racial disparities in special education has blown up into a civil rights issue that continues to dog Secretary Betsy DeVos and team.
For well over a year, she has been blocking the implementation of an Obama-era law to help disabled minority students, despite repeated efforts by supporters to force her compliance.
Those regulations, established under the 2016 Equity in IDEA (Individuals with Disabilities Act), went into effect in January 2017, but states were given until July 2018 to comply with a standardized program for monitoring how districts identified and served minority students with disabilities. Two days before the full implementation deadline, DeVos pulled the plug, citing concerns that the methodology could incentivize racial quotas, leaving states and students in limbo.