Quantcast
Connect with us

If inequality continues to grow at current rate, richest Americans will own 100% of US wealth in 33 Years: Analysis

Published

on

“However you slice it, the rich have been getting richer. Lots richer.”

If wealth inequality in the United States continues to soar at its current rate, the top 10 percent of Americans could own 100 percent of the nation’s net worth by 2052.

That’s according to an analysis by Dallas Morning News finance columnist Scott Burns, who wrote Sunday that the wealthiest Americans “will truly ‘have it all’ just 33 years from now.”

ADVERTISEMENT

“If they continue to gain share at that rate, they’ll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two.”
—Scott Burns, Dallas Morning News

“However you slice it, the rich have been getting richer. Lots richer,” wrote Burns, citing Federal Reserve data. “Here are the basics. From 2013 to 2016, the top 10 percent of households increased their share of total wealth from an amazing 75.3 percent to a stunning 77.2 percent. That’s a share gain of 1.87 percent in just three years.”

“If they continue to gain share at that rate,” Burns added, “they’ll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two.”

Burns’s analysis is just the latest evidence that wealth inequality in the United States, juiced by President Donald Trump’s massive tax cuts for the rich, is reaching unprecedented heights.

In February, University of California, Berkeley economist Gabriel Zucman published researchshowing the top 0.00025 percent—just 400 Americans—owns more wealth than the bottom 150 million Americans.

ADVERTISEMENT

As Common Dreams reported in June, Matt Bruenig, founder of the left-wing think tank People’s Policy Project, pointed to Federal Reserve data to show that the bottom half of Americans lost $900 billion in wealth between 1989 and 2018.

Over that same period, Bruenig found, “the top one percent increased its total net worth by $21 trillion.”

 

ADVERTISEMENT

Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Trump Jr ripped for ‘hypocrisy’ and ‘stupidity’ as group releases new #ByeDonJr ad

Published

on

Continue Reading

Breaking Banner

‘Odd Radio Circles’ perplex astronomers studying the newly discovered phenomenon

Published

on

Astronomers believe they have discovered a new, bizarre type of cosmic object that is invisible to all wavelengths of light except radio.

This story originally appeared at Salon.

The strange circular objects in question have been unofficially dubbed "Odd Radio Circles" (ORCs); three of them were discovered in a recent data accumulated during a preliminary survey by the Australian Square Kilometre Array Pathfinder, a radio telescope array in Western Australia. A fourth Odd Radio Circle was discovered when researchers sifted through old data from 2013.

Continue Reading
 

Breaking Banner

Bill Barr quietly pulls off a shake-up in a federal prosecutor’s office — but why?

Published

on

Attorney General Bill Barr’s attempt last month to push U.S. Attorney Geoffrey Berman out of his position at the Southern District of New York blew up in his face. While Berman was ousted, Barr didn’t get the replacement he wanted, and House Democrats are now investigating.

But last Friday night, Barr successfully pulled off a similar maneuver in the Eastern District of New York. Richard Donoghue no longer leads that office, as he has taken the position of principal associate deputy attorney general at Main Justice. Seth DuCharme, who had been principal associate deputy attorney general and worked under Barr, will now serve as the acting U.S. attorney for EDNY.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image