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Politics : PRESIDENT GEORGE W. BUSH
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To: MKTBUZZ who started this subject12/20/2001 4:59:05 PM
From: DuckTapeSunroof  Read Replies (3) of 769670
 
fyi - "Wealth Inequality in the United States Leads the World... And the Gap Here Is Widening"

"The sharp increase in inequality since the late 1970s has made the distribution of wealth in this country more unequal than in what used to be perceived as the class-ridden societies of northwest Europe. Today the United States is the most unequal of any industrialized country in terms of income and, more importantly, wealth. And the situation is worsening more rapidly here with each passing year."

"Indeed, the only other period in this century when household wealth was so disproportionately held by a relative handful of the richest Americans came between 1922 and 1929."

"During the 1980s, the top 1 percent of wealth holders enjoyed two thirds of all increases in financial wealth. The bottom 80 percent of households ended up with less real financial wealth in 1989 than in 1983. Startlingly, Wolff reports that the United States has gone from a position of less wealth inequality among its citizens than in Europe to greater wealth inequality than is found in those class ridden societies."

"There is, especially, no good news in Wolff's research when it comes to African-Americans. The median wealth of nonwhite citizens actually fell during the 1980s."

"Wealth inequality in 1989 (the last year for which statistics are available) was at a sixty-year high. The top 1 percent of wealth holders controlled 39 percent of total household wealth."

"The rise in wealth inequality from 1983 to 1989 is particularly striking. The share held by the top 1 percent rose by 5 percentage points, and at the same time the share held by the bottom 40 percent showed an absolute decline. All gains in wealth accrued to only the top 20 percent of wealth holders."

"In the United Kingdom, formerly the country with the greatest wealth inequality, the richest 1 percent holds about 18 percent of the wealth, down from a figure in the early 1920s of 59 percent."

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