[norwaypinesavage]

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.

[1Old Pro]

•50th to 90th Percentile Then 35.6%, Now 27.9%

The middle class gets hosed. Too busy making ends meet to realize the Democrats are taking their money and giving it to the poor.

[daniel1212]

Misleading since the real issue is that of assets, and in this case it may be asks, who is the chief "owner" of the government assets: As reported here, the official poverty measure is based on cash income only, which fails to capture all the resources available to a family including tax credits and in-kind transfers. Also, the official measure of family resources is biased due to under-reporting of certain types of income that are commonly received by those with low reported income.

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

[daniel1212]

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.

[BiglyCommentary]

“The percentage of wealth owned by the top 1% keeps rising over time. Who’s to credit or blame?”

As a general rule it takes money to make money and if you don’t have money it will cost you.

Also if you divided up all the money in the world into equal piles and gave each person their pile, in 10 or 20 years those who were rich will be rich again and those who were poor will be poor again.

[married21]

What is the quality of life for the lowest 2.5%?