Monday, June 17, 2019

The One Percent Have Gotten $21 Trillion Richer Since 1989. The Bottom 50% Have Gotten Poorer. — Eric Levitz

In its new Distributive Financial Accounts data series, the central bank offers a granular picture of how American capitalism has been distributing the gains of economic growth over the past three decades. Matt Bruenig of the People’s Policy Projecttook the Fed’s data and calculated how much the respective net worth of America’s top one percent and its bottom 50 percent has changed since 1989.
He found that America’s superrich have grown about $21 trillion richer since Taylor Swift was born, while those in the bottom half of the wealth distribution have grown $900 billion poorer.
Americans' solution? Elect a billionaire capitalist president.

New York Magazine — Intelligencer
The One Percent Have Gotten $21 Trillion Richer Since 1989. The Bottom 50% Have Gotten Poorer.
Eric Levitz


Kaivey said...

I wonder why so many people vote for the Conservatives when it ruins their livelihood. Many are nationalists who see the ruling establishment as the bastions of society. Their admire what they percieve as the superior status of the aristocracy. They Think the aristocracy protects Britain from disorder and bad people from within and from without. They see the Conservative Party as the party of law and order, and Britain first, and English villages with cricket greens, with all the foreigners kept at bay.

They see Labour as soft on terroism and Britain's enemies. Pro the unions, working class ruffians, foreigners as, and anarchy.

The Queeen dines with the psychopath, MBS, and the aristcracy sell them lots of weapons to murder millions of Yemenese, but if i point this out I am called a traitor. The 'British are honourable and always do what is right', they believe.

I saw a tweet the other day with people in Hong Kong demonstrating flying the British flag. People were tweeting about how the Hong Kong people love the British. I tweeted that we killed all the ones that didn't.

Kaivey said...

Apparently, most young people today hate the Conservatives, in both the US and in the U.K. They hate everything they stand for, climate change denial, greed, selfishness, bigotry, anti LGBT, imperialism, and brutal capitalism where winner takes all. You know the rest.

In the UK most go to university now, and so are not stupid enough to vote Conservative anymore.

Mike Norman said...

Because there is really no progressive alternative. Liberals are really neoliberals and neocons.

Kaivey said...

I found an article about how in the U.S. the majority of the youth hate the Republicans, but the rest of the article was very pro corporate Democrat, so i didn't post it here. I think it was the Ring of Fire.