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Politics : Formerly About Advanced Micro Devices
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To: Tenchusatsu who wrote (633736)10/30/2011 2:26:44 PM
From: bentway  Read Replies (3) of 1576866
 
Bernanke trying to pump up the 50% of consumer spending in the U.S.

Here are some more data on current high net worth Americans: those with more than $100 million, 29,000 (about .1 percent of US population); $10 to $100 million, 987,300; $5 to $10 million, 1.96 million; $1 to $5 million, 26.7 million. You can see that the top one percent of Americans (about 3 million) have net worth above about $5 million and they get about 20 percent of annual national income and have about one third of national wealth.

The top 10 percent (about 30 million) have net worth above about $1 million and account for about 50 percent of all national consumer spending (which is amazing, think about it). They have enormous consumer power, adding to their political power. Those 30 million are a big chunk of the 99 percent, so don’t expect them to be thrilled with the Occupy movement. Rhetorically, pitting 99 against 1 percent works, but understanding that the blood suckers are really 10 percent is important but still not the whole story.

There are still more economic winners than either the top one or ten percent. When you take into account households with net worth of several hundred thousands of dollars, there are at least 60 million Americans or about 20 percent that should be considered wealthy (probably including most Tea Party activists and the Republican base) and unlikely to see the legitimacy of the Occupy movement. Those people account for an amazing $9 trillion sitting in cash in the nation’s banks. Message: The political battle is much harder than it first appears.

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