The richest 0.1 of Americans now owns a bigger share of the pie than at any time since 1929, just before the Wall St. crash.
— Robert Reich (@RBReich) December 27, 2019
Folks, this is unsustainable. Inequality threatens to tear apart our economy and democracy.
Wealth of 400 richest Americans:
— Public Citizen (@Public_Citizen) January 2, 2020
2009: $1.27T
10: $1.37T
11: $1.5T
12: $1.7T
13: $2T
14: $2.3T
15: $2.3T
16: $2.4T
17: $2.7T
18: $2.9T
19: $3T
Federal Minimum Wage:
2009: $7.25
10: $7.25
11: $7.25
12: $7.25
13: $7.25
14: $7.25
15: $7.25
16: $7.25
17: $7.25
18: $7.25
19: $7.25
Since 1970:
— Robert Reich (@RBReich) December 29, 2019
— Incomes of the top 1% of Americans: ⬆️$800,000
— Incomes of the top 0.1%: ⬆️$4,000,000
— Incomes of the top 0.01%: ⬆️$20,000,000
— Meanwhile, incomes of the bottom 50%: ⬆️$8,000
Tax the rich.
Since 1970:
— Robert Reich (@RBReich) December 29, 2019
— Incomes of the top 1% of Americans: ⬆️$800,000
— Incomes of the top 0.1%: ⬆️$4,000,000
— Incomes of the top 0.01%: ⬆️$20,000,000
— Meanwhile, incomes of the bottom 50%: ⬆️$8,000
Tax the rich.
How unequal is wealth distribution in the U.S.?
— NPR (@NPR) December 16, 2019
In short: very.
Federal Reserve data show the top 1% now owns nearly a third of all household wealth in the U.S. — while the bottom 50% of people own 1.9%. https://t.co/LD1nspss15
Recovery from the recession has seen retirement wealth accumulate almost exclusively among affluent households. While prospects for middle- and lower-income Americans’ retirement security have even deteriorated during the decade. https://t.co/dF9IqnopPt
— The New York Times (@nytimes) December 14, 2019
It’s always been weird to me that a generic “unemployment” percent is trotted out to indicate whether employment is “low” or “high”—especially now that we can see nearly half of jobs pay closer to paying nothing at all than they pay pay close to an actual living wage. https://t.co/QqbgphjJvw
— Dr. Steven W. Thrasher (@thrasherxy) December 8, 2019
By the 2016 election, the richest one-hundredth of one percent of Americans – 24,949 very wealthy people – accounted for a record-breaking 40 percent of all campaign contributions.
— Robert Reich (@RBReich) December 5, 2019
24,949 people in a population of 323.4 million.
Let that sink in.
Since 2009, the combined wealth of the members of the Forbes 400 list has more than doubled from $1.3 trillion to nearly $3 trillion.
— Robert Reich (@RBReich) December 1, 2019
Meanwhile, their taxable income has fallen from 27% to 23% over the same time.
They are worth more than ever, but paying less.
Tax the rich.
The money left behind for middle-class Americans is dwarfed by that inherited by the children of the very wealthy https://t.co/aHw3dngNh1
— Los Angeles Times (@latimes) November 30, 2019
Fraction of all US wealth owned by Boomers & Gen-Xers when the average member of each was age 35:
— Kurt Andersen (@KBAndersen) November 24, 2019
Boomers, 1989 21%
GenX, 2008 8%
The average Millennial turns 35 in 2023. Right now they own 3%.
There will surely be political implications.https://t.co/j1pNrt8mll
Sad! 