What If the Greedy Rich Paid Their Share? — We’re far from poor, we just have a wildly lopsided distribution of wealth that makes us seem poor.
8 Things to Know About Wealth and Poverty in the US.
1. The number of households with a million dollars or more of net worth grew by 202 percent between 1983 and 2007.
2. The number of households with a net worth of $5 million or more grew by 494 percent.
3. The number of $10 million or more households grew by a whopping 598 percent!
4. There are now more than 464,000 households worth $10 million or more. (PDF)
5. But the bottom 40 percent of American households has a net worth of nearly zero (.2 percent).
6. If you take out the value of our homes, the bottom 40 percent has a negative net worth of minus 1 percent – meaning they owe more than their assets are worth.
7. Meanwhile the top one percent holds 34.6 percent of our total net worth and 42.7 percent of all financial assets (excluding homes).
8. That means that the top one percent has a positive net worth valued at approximately $5,700,000,000,000 (that’s $5.7 trillion).
Something left out is the majority of the wealthy got their money the old-fashioned way: they inherited it.
And the top 1% fight like hell to keep the government assistance in the form of tax breaks, loopholes, and subsidies— the 99% of us need to get mad and stay that way. We need to organize in order to put pressure on the people we send to Washington. Otherwise will continue to pay for the indulgences of the top 1% while they strip our rights away.