Posted on 02/14/2022 8:55:55 PM PST by SeekAndFind
The percentage of wealth owned by the top 1% keeps rising over time. Who's to credit or blame?
Data Source: Board of Governors of the Federal Reserve System (Fed), Chart by Mish
This data series compiled by the Fed started in the third quarter of 1989. The most recent data is from the third quarter of 2021.
If you have not seen charts of this series before, the numbers may seem shocking.
Top 1% Then 23.6%, Now 32.1%
90th to 99th Percentile Then 37.3%, Now 37.5%
50th to 90th Percentile Then 35.6%, Now 27.9%
Bottom 50% Then 3.7%, Now 2.5%
Top 1%: +8.5 Percentage Points
90th to 99th Percentile: +0.2 Percentage Points
50th to 90th Percentile: -7.7 Percentage Points
Bottom 50%: -1.2 Percentage Points
The bottom never had much to lose but they managed to lose a bit anyway.
The top keep padding their wealth but remain the most impacted by recessions.
The middle class is shrinking.
Many people will blame the wealthy. But the actual culprit is the Fed.
The bottom 50% sure don't gain from bubbles.
Those with assets are the beneficiaries. And when the Fed steps on the gas, look at the far right of the chart to see what happens.
Inflation benefits those with first access to money and that's the banks and the already wealthy.
The poor who spend every penny and them some on food and shelter get hammered by inflation.
Meanwhile, the middle class keeps shrinking.
The Fed tried for a decade to increase inflation. The Fed even wanted to "make up" for lack of previous inflation.
But the CPI rose another 0.6% in January, at a year-over-year clip of 7.5%. The CPI is at the highest pace in 40 years.
For discussion, please see CPI Jumps Most Since February 1982, Up at Least 0.5% 9 Out of Eleven Months
The Fed finally succeeded and then some at producing inflation. Now doesn't know what to do about it.
But should the banks get in trouble again, the Fed will be right there again to bail them out just as it did in 2000 in the dotcom bust and again in the 2007-2009 housing crash.
* * *
(The actual exchange becomes THAT hard copy. The MUTUAL price for similar REAL-estate at the moment can be considered (consideration) “hard copy”
Nope. They can’t control women.
The opposite is also true.
Republicans, Neocons, and Conservative Inc. want us focused on economic issues, so we won't notice our decaying culture.
The GOP does nothing to stop drag queen story hour, gay marriage, LGBT Pride events in schools and the military, internet censorship, deplatforming, or toppling of statues and burning of our history -- but hey, they're fighting to reduce taxes by 2%. Whoopee!
Rd later.
Instead of concentrating on the top and bottom percentiles, I look at the middle two. Those two who are the 50 to 99th percentiles which hold 65% of the total wealth together.
And then I’d look at a comparison of which of the 4 groups pays what percentages of total collected taxes.
Compare it to America capitalist era and see.
The lower 50% contribute nearly nothing to society. They are rarely producers.
All the democrat billionaires should give back all their wealth to the indigenous peoples.
The gold standard came about later. When we started out as a country, we were on a silver standard, with some gold coins for large scale transactions. Eventually with the 1849 gold finds in California, we ended up on a gold standard.
“God helps those who help themselves” I think that’s Benjamin Franklin.
The share of reported income earned by the top 1 percent of taxpayers rose to 21 percent, from 19.7 percent in 2016. Their share of federal individual income taxes rose to 38.5 percent, from to 37.3 percent in 2016.
The percentage of wealth is a completely useless metric.
Show me the exact, inflation adjusted, median dollar wealth for each percentage point of USA population.
Compare that to the median wealth every five years going back to 1950.
How is government wealth calculated and apportioned?
How are endowments apportioned?
What is the stand alone value of a great University and how is that apportioned?
Way too many unknowns.
Then the useful idiots are surprised when they find out that now the 1% now own 100% of the wealth and they now own nothing.
A totally brilliant and apt AND provable observation. Kudos.
It is articles like this that expose the total ignorance of reporters. They have simply assumed that there is only so much wealth in the country, so that those who have a large share of it are unfair. In fact, in most cases, the opposite is true. Wealth is created by humans. It is not luck to create wealth, it takes skill and hard work. It’s created only when the product of labor exceeds the cost of the labor.
It’s luck to find a gold nugget while walking on a trail. It is not luck to create a gold mine using geology, history, expensive equipment, hard work and skill. The owners of gold mines pay for the labor in the mine via the law of supply and demand. The owners who don’t have the proper management skills and knowledge of the industrial processes to succeed, will fail.
It is totally irrelevant what percentage of wealth the rich have. What matters is the ability of people willing to work to be able to afford a comfortable lifestyle for their labors. That can only happen in a wealthy nation. That only happens when people are free.
The middle class gets hosed. Too busy making ends meet to realize the Democrats are taking their money and giving it to the poor.
The Federal Benefit Rate, abbreviated as FBR, is the maximum amount to which an aged, blind or disabled person who qualifies for Supplemental Security Income (SSI) is able to receive in monthly cash benefits. In 2021, the maximum FBR is $794 for a single individual and $1,191 for a married couple...(https://www.medicaidplanningassistance.org/federal-poverty-guidelines) What programs use FPL guidelines? [AT LEAST 30 PROGRAMS USE THE FPL.] Several programs use either 100% of the poverty guidelines or a percentage multiple of the guidelines. For example, some programs use 125%, 150%, or 185% of the guidelines to determine eligibility. (https://www.medicareplanfinder.com/medicare/federal-poverty-level/#What-programs-use-FPL-guidelines)
See more at thread White House Says 10M Households Have Signed Up for Broadband Subsidy
Income Redistribution's Logical Conclusion Is Communism Jeffrey DorfmanFormer Contributor Policy
First, most of the income inequality stories are false. Second, once you admit that income redistribution is fair, there is no logical stopping point short of communism. Starting with the income inequality debate, the main problem is that most stories are based on pre-tax and pre-transfer income...
When we analyze U.S. income data after taxes and after government transfer payments, we find that inequality has actually dropped slightly since 1993. Using the data after all the income redistribution also shows much healthier growth in the average family’s income, with a 62 percent gain after adjusting for inflation from 1979 to 2007 according to this CBO report.
Judging from my few trips to Walmart, Americans are not starving.
The only starvation in this world is due to political hate/theft.
Tribe A hates tribe B, so they confiscate goods bound for tribe B.
Maybe the bottom 50% ought to learn how to drive a car that doesn’t have 7 yrs of payments attached to it. Maybe they ought to forget having perms, nails done and having to dress in latest fashions.
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