If Inequality Continues to Grow at Current Rate, Richest Americans Will Own 100% of US Wealth in 33 Years: Analysis

Jake Johnson Staff Writer, Common Dreams

If wealth inequality in the United States continues to soar at its current rate, the top 10 percent of Americans could own 100 percent of the nation's net worth by 2052.

That's according to an analysis by Dallas Morning News finance columnist Scott Burns, who wrote Sunday that the wealthiest Americans "will truly 'have it all' just 33 years from now."


"If they continue to gain share at that rate," Burns added, "they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two.""However you slice it, the rich have been getting richer. Lots richer," wrote Burns, citing Federal Reserve data. "Here are the basics. From 2013 to 2016, the top 10 percent of households increased their share of total wealth from an amazing 75.3 percent to a stunning 77.2 percent. That's a share gain of 1.87 percent in just three years."

Burns's analysis is just the latest evidence that wealth inequality in the United States, juiced by President Donald Trump's massive tax cuts for the rich, is reaching unprecedented heights.

In February, University of California, Berkeley economist Gabriel Zucman published research showing the top 0.00025 percent—just 400 Americans—owns more wealth than the bottom 150 million Americans.

As Common Dreams reported in June, Matt Bruenig, founder of the left-wing think tank People's Policy Project, pointed to Federal Reserve data to show that the bottom half of Americans lost $900 billion in wealth between 1989 and 2018.

Over that same period, Bruenig found, "the top one percent increased its total net worth by $21 trillion."

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Reposted from Common Dreams

Posted In: Allied Approaches

Union Matters

An Invitation to Sunny Miami. What Could Be Bad?

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

If a billionaire “invites” you somewhere, you’d better go. Or be prepared to suffer the consequences. This past May, hedge fund kingpin Carl Icahn announced in a letter to his New York-based staff of about 50 that he would be moving his business operations to Florida. But the 83-year-old Icahn assured his staffers they had no reason to worry: “My employees have always been very important to the company, so I’d like to invite you all to join me in Miami.” Those who go south, his letter added, would get a $50,000 relocation benefit “once you have established your permanent residence in Florida.” Those who stay put, the letter continued, can file for state unemployment benefits, a $450 weekly maximum that “you can receive for a total of 26 weeks.” What about severance from Icahn Enterprises? The New York Post reported last week that the two dozen employees who have chosen not to uproot their families and follow Icahn to Florida “will be let go without any severance” when the billionaire shutters his New York offices this coming March. Bloomberg currently puts Carl Icahn’s net worth at $20.5 billion.

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Health Care Should Not Be A Bargaining Weapon

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