The US middle-class (the middle 60% of the US) owns less wealth than the very rich (the top 1%). - Politics Forum.org | PoFo

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#15194231
US Middle Class Has LEAST WEALTH IN HISTORY | Breaking Points with Krystal and Saagar
56,933 viewsOct 12, 2021

Krystal and Saagar look at the new statistics showing how little wealth is being held by the US middle class compared to prior generations and what that will do to the home buying market.


For the 1st time since such numbers have been compiled the middle-class (the middle 60% of the nation) owns less wealth than the very rich (the top 1%).

This is what 40 years of Neo-liberalism have done to America! Is it any wonder that the mass of Americans are upset or disgusted with the situation they are in now?

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#15194238
Steve_American wrote:US Middle Class Has LEAST WEALTH IN HISTORY | Breaking Points with Krystal and Saagar
56,933 viewsOct 12, 2021



For the 1st time since such numbers have been compiled the middle-class (the middle 60% of the nation) owns less wealth than the very rich (the top 1%).

This is what 40 years of Neo-liberalism have done to America! Is it any wonder that the mass of Americans are upset or disgusted with the situation they are in now?

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The American middle classes voted for this shit in 1980, and they have kept on voting for it for the next 40 years. What did they expect would happen?

"I never thought jaguars would eat my face!" sobs woman who voted for the 'Jaguars Eating People's Faces' Party. :excited:
#15194256
Potemkin wrote:The American middle classes voted for this shit in 1980, and they have kept on voting for it for the next 40 years. What did they expect would happen?

"I never thought jaguars would eat my face!" sobs woman who voted for the 'Jaguars Eating People's Faces' Party. :excited:

I bed to differ.
The voters voted for Obama who promised "Hope and Change", and then failed.
They voted for Clinton who lost anyway.
They also voted for Trump who promised jobs and prosperity, and was lying.
However, down ticket you can make a better case.
Also, the Repuds have done a good job of hiding what they really are.
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#15194309
I wonder how many of the people who complain about inequality whether within the United States or world as a whole, buy Apple products. I always say if you want to do just one good thing beyond the basics of not murdering raping, armed robbery etc to make the world a slightly better place, don't buy Apple products.
#15194320
@Rich

Rich wrote:I wonder how many of the people who complain about inequality whether within the United States or world as a whole, buy Apple products. I always say if you want to do just one good thing beyond the basics of not murdering raping, armed robbery etc to make the world a slightly better place, don't buy Apple products.


I don't buy Apple products but why do you say this? Is there something I don't know that I need to be aware of?
#15194326
tomskunk wrote:I don't buy Apple products but why do you say this? Is there something I don't know that I need to be aware of?

The modern computer industry has created some wonderful, amazing life enhancing things. The same could be said for the modern medical industry by the way. But modern computing has created enormous inequalities in power, which of course significantly contribute to the inequalities in wealth. Apple is about creating a closed eco system in both hardware and software, they're now even extending this closed system into making chips. These closed systems make it much more difficult for individual computer users, individual developers and small companies, to control their IT and data. They are the biggest company by market capitalisation by a long mile.

In addition they cream off the premium product market. With Microsoft, with Android and even better with desktop / laptop Linux when you buy premium, expensive products you're helping subsidise an eco system from which the poorer people in your own country and the poorer people in the world can benefit. Microsoft and Google both have very unhealthy concentrations of power within our computer ecosystems, but Apple is the worst. Apple are not going to be brought down to Earth anytime soon, but we can start to put out a marker that buying Apple products is not cool. Its not cool at all. Rather than a mark of status, the Apple brand should be a mark of shame.
Last edited by Rich on 14 Oct 2021 00:31, edited 2 times in total.
#15194380
Rugoz wrote:It was just a continuation of the existing social relationship.

The existing social relationship was socialism. It was replaced with gangster capitalism, which later morphed into oligarchic capitalism. So, not a continuation at all.
#15194384
Rugoz wrote:Image

Japan is peak socialism (from the countries in that picture anyway).


Not surprised to see India at no 2 spot at all. The middle class grovels at the feet of the rich while complaining about how 'Socialism' ruined this country. You think US middle class is bad what with their "temporarily embarrassed rich" mentality, you haven't seen much much worse.
#15194472
The graphs disagree with the report I posted in the OP.
The OP said in 2020 or 2021 the top 1% own 27% of the US's wealth.
The graph shows that they owned about 36% in 2018, so it would be higher now after the pandemic.
I wonder why the difference? In any case the graph just makes it worse (the more the 1% have the less the middle class has).

Here is another take on the original expert economist's report.
Note: the yellowish bars on the graph are each for a calendar quarter.
So, you can see the steep increase in the 1%'s wealth during the pandemic and since 2018.



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#15194540
Potemkin wrote:I bet the Russians are regretting the Devil's bargain they made back in 1991....

Image


You blame the 1991 for this? What reality you live in?

The liberal democrats have been destroyed for 20 years now since Putin has came to power. This is the achievement of Putins Nationalised kleptocratic autocracy.
#15194555
So, the trolls and right wing people would rather talk about Russia's problems than reply to the inequality in the US.

I think as do both progressive show's people that this situation explains why Trump is a thing. And, why Progressives are gaining ground and power in the Dem. Party. The mass of the people are hurting, and as a result, they are searching for someone to help them out.

I know the only solution. The US needs to keep the good changes, and throw out the bad changes since 1970.
The bad changes are --- 1] several USSC decisions to eliminate Gov. financing of election campaigns and give corps some rights as if they are human, 2] throw Neo-liberal economics out of our minds and accept MMT, 3] the gutting of worker and union rights and so the power of the workers in their disagreements with management was gutted, 4] massive changes in the tax code to let the rich keep more of the profit they extract from sales to the workers acting as consumers, and 5]ignoring the needed changes to fight ACC, etc.
The good changes are --- 1] increasing rights for women, increasing rights for gays, and increasing rights for trans people; 2] various tech developments, etc.


The USSC picked and chose what rights to give to corps. Why not give them the right not to be owned by other corp? Why not the right to not be owned by people? Why not give them the right to vote? Answer is ---- because they are *not* human persons.
. . . When I was a kid, there were laws in every state that corps could not make campaign contributions directly to parties or candidates. These laws were very old, going back to before the Civil War, so to the Founders.
. . . Why just give them the right to deduct campaign and other expenses of political actions; and not give this right to the mass of the people?

Computers make gerrymandering too powerful. This is exactly like every sane person accepting that nuclear weapons are too powerful (they can be man portable) to let them be included in the 2nd amendment's meaning. Also poison gas.

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#15194587
Steve_American wrote:So, the trolls and right wing people would rather talk about Russia's problems than reply to the inequality in the US.


What is there to say?

Wealth inequality is not inevitable, and it's not necessarily connected to income inequality.

Switzerland had a top 1% share of wealth of 35%-40% for ~100 years (no drop during the 1930s and 1940s). Now it's down to below 30%.

Sweden has a top 1% share of wealth of 35% yet low income inequality.

The US has a top 1% share of wealth of 32%.

(the numbers can vary a bit depending on the source and methodology, but the latest are all from here)

I find the increase in income inequality in the US more worrying.
#15194588
Potemkin wrote:The existing social relationship was socialism. It was replaced with gangster capitalism, which later morphed into oligarchic capitalism. So, not a continuation at all.


LoL at commies turning into naive puppies whenever they hear the word socialism. What makes you think a state-run economy cannot be hierarchical, corrupt and exploitative? Many communist countries managed the transition to capitalism just fine. Russia botched it first and foremost because of political corruption.

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