The Top 1% Own 32.1% of Total Wealth, Bottom 50% Own 2.5% Who's to credit or blame?

http://mishtalk.com/economics/the-top-1-own-32-1-of-total-wealth-bottom-5--own-2-5 ^

[DIRTYSECRET]

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.

The poor who spend every penny and them some on food and shelter get hammered by inflation.

[DIRTYSECRET]

My friends we'll always have to deal with this. The doers get no credit for allowing the bottom 50% to live better than the top 50% in most of the world. Inflation-caused by Biden. Their solutions are worse but seductive-am I right?

Atlas Shrugged but the lower folks amongst us can't help themselves. Time is on the side of the takers. Give them a fish and it just makes them strong enough to demand more. We'll never teach them how.

[Steely Tom]

Earlier: In America: The Top 1% Own 32.1% of The Country's Total Wealth, The Bottom 50% Own 2.5%.

37 responses at present.

[PGR88]

I’m curious also how this is calculated.

My kids are in college and high school. They have little money, no wealth. They technically live hand-to-mouth. I assume they will become productive citizens, save money, and eventually will have wealth.

But for statistical purposes there’s 3 Americans with no wealth, while my wife and I seemingly have much more greater and unequal wealth than they do.

[DIRTYSECRET]

Thanks to seek and find for posting this yesterday.

A similar situation: The NFL has it’s annual draft that lets the lousy teams pick first. They continue to finish last because they’re poorly run. Does it work and is it fair?

Let me say this. The NFL Draft is illegal and it doesn’t fix anything but it sure draws excitement. Capitalism brings out the strengths of the game and allows for all the woke and the kneeling. The whole package is what it is. As for poor people just watch the scene in Jesus Christ Superstar. He touched too many people and proclaimed there are too many of you.

[JonPreston]

Defund the top 1%. They have aligned themselves with a form of monopolistic corporate fascism that no longer resembles the Adam Smith model.

[Steely Tom]

I’m curious also how this is calculated.

My kids are in college and high school. They have little money, no wealth. They technically live hand-to-mouth. I assume they will become productive citizens, save money, and eventually will have wealth.

But for statistical purposes there’s 3 Americans with no wealth, while my wife and I seemingly have much more greater and unequal wealth than they do.

Great points.

If you want to see real wealth divisions, look at Venezuela or Brazil, or any African country.

Of course, the countries with the worst wealth distributions have zero interest in publicizing their numbers, so left-wing academics don't have to talk about them.

[Starboard]

Look at the spending habits of your neighbors and you’ll see why so many people don’t manage to accumulate any wealth.

An Amazon Prime truck makes deliveries to our neighbors virtually everyday.

[econjack]

People also forget that the top 10% of the income earners in the US also foot 72% of total IRS collections. The lowest 51% pay no Federal income taxes. (To me, those 51% should not vote in Federal elections. After all, no skin in the game, leave the table.) Also, they forget that it is the wealthy who create new jobs and grow the economy. How many of you were hired by a poor person? Finally, Liberals forget that it is economic growth that makes capitalism the best economic system. If you're rich and own 90% of the economic pie and I only have 10% it, if you growth the size of the pie by 10%, both of our incomes increase by 10% and promote a higher standard of living for us both. A rising tide lifts all boats.

Liberals, on the other hand, see the only way to increase the standard of living for the poor is to take it away from the rich. History is strewn with the wreckage of such social experiments. Just ask the people of Venezuela. Stupid...

[econjack]

Oh, bullshit. Do you even know the operational definition of monopoly under the law?

[Starboard]

Capitalism brings out the strengths of the game

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Is it really a game or a business?

There is probably more advertising during a game than actual play.

[KC Burke]

As Thomas Sowell often points out in discussions on wealth or income, the articles written about such studies are always written as though the people are fixed within their group for life. The leftist world is always groups or class for manipulation purposes. In reality, we generally transit through from group to group.

In my youth, I was a dropout ditch digger. In my early adult years I was lower middle class due to behavior, not income, in early middle age I was upper middle class, and in late middle age until retirement I was in the top 2% of income (not wealth.). In retirement I am low income, but have no debt and have nice property.

Due to effort, age, maturity, conduct, and God’s grace I have been in all those income groups. The focus on wealth is because they want to group people and manipulate them into adopting thievery for law.

[CodeToad]

The bottom 50% don’t produce much. Most are retirees, unemployed, underemployed, bums, homeless, etc.

[proxy_user]

What is most interesting is that the 90-99.9% own a lot more than top .1%. While those with more than $100 million have about $35 trillion in assets, those with between $1 million and $100 million have about $75 trillion in assets. And while the super-rich are a tiny minority, to 9.9% below them are probably 15-20% of the voters.

[bigbob]

Trump, of course - don’t you watch MSDNC?

[muskah]

Not counted is Social Security/Medicare. 15% of workers productivity goes to these programs. It is in a “trust fund”. If you believe that.... That works out to at least $180000 for everyone who works consistently.

[Codeflier]

That’s right. This wealth isn’t created, it is taken via coordination with the government that restricts competition and ensures that the money keeps flowing in to those at the very top of the corporate and political ladders.

[allendale]

This social dynamic has always been as such, is now and will be the same in the future. When the pie does not grow in proportion to the population, then there is real discontent and social disorder. The middle classes are attacked first but most of the upper crust, except for a spectacular few, remain unharmed. When economically backward socialists come to power, the pie shrinks and the troubles commence.

[Starboard]

The lowest 51% pay no Federal income taxes. (To me, those 51% should not vote in Federal elections)

************

They are strongly incented to vote for people who will give them more handouts rather than voting on the basis of what’s best for the whole country. When so many people vote to use the nation’s treasury for their own benefit the system cannot endure.

[JonPreston]

Oh hush, National Review Pubbie! Take all their money, their Republican corporate tax breaks and kick them to the curb.

ok?

[DIRTYSECRET]

I’m posting again because it’s important. There are those that would hang us for our wealth. Making the poor work would take away their freedom. The wealth discrepancy becomes obvious and the result is envy and resentment. So how do we keep the lid on while progressing? Think of the wanna-be MD’s who would have been told what their specialty would be(Hillarycare). Would health advancements progress when we’re all being taken to the cleaners tax-wise?

Our vigilance must be eternal otherwise it’s The Killing Fields all over again. Genocide will always be a part of the human condition. Just look at how many times people ‘justified’ the holacaust.