From 1980 to 2005, more than 80% of the total increase in American incomes went to the richest 1 percent.

 

The C.E.O.’s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001.

 

Not Since 1920...

...has there been a greater discrepancy between the "haves" and the "have-nots" in the United States.

Figures released by New York University show that the wealthiest 20% of people in the United States own about 85% of the wealth while the bottom 40% own zero percent or less of the country's net worth. 

The "or less" means that a significant percent of the US population has been losing more than it has been gaining.

The primary reason is no mystery. The "haves" control political decisions and tax laws that favor their increased profits at the expense of the "have nots" that end up having little political power.

Ironically, in terms of the distribution of wealth the U.S. is now no different than banana republics. As Timothy Noah of Slate notes the United States now arguably has a more unequal distribution of wealth than traditional banana republics such as Nicaragua, Venezuela and Guyana.

To Forum Index