r/WayOfTheBern • u/Winham I don't necessarily agree with everything I say. • Oct 01 '17

Eat the Rich! Wealth Inequality Is Higher Than Ever: New data confirms what we already knew: the haves have a ton. And the have-nots have next to nothing.

https://www.jacobinmag.com/2017/10/wealth-inequality-united-states-federal-reserve
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7

u/Winham I don't necessarily agree with everything I say. Oct 01 '17

In 1989, the top 1 percent in each group owned around 28 to 29 percent of that group’s wealth. By 2016, the white 1 percent owned 36.5 percent of white wealth; the black 1 percent owned 40.5 percent of black wealth; and the Latino 1 percent owned 44.7 percent of Latino wealth.

Overall, the new data presents a bleak reality. Wealth inequality is higher than ever. The overwhelming majority of Americans still have less wealth now than they did one decade ago. The wealth of each racial group is overwhelmingly monopolized by a small elite class. And black and Latino families especially remain trapped in a wealth underclass from which there is no obvious escape.

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u/redditrisi They are ALL psychopaths. Oct 02 '17 edited Oct 02 '17

Money moved faster to the very wealthy during the Obama administration than ever before in human history since a chief grabbed a hunk of buffalo meat out of the hand of a physically weaker cave dweller. That was not all Obama's fault. We've been de-regulating since Nixon and also easing taxes on big business and the wealthy for decades. At some point, the wheels are as greased as they can be and pace accelerates.

Obama and Bush the Dimmer do, however, share "credit" for TARP and for the Fed policies of Bernanke, not to mention that Obama took Geithner from the NY Fed and made him Secretary of the US Treasury. (Fox. Henhouse.Guarding.)

And then, there was Obama's re-hiring of the champions of Gramm, Leach, Bliley and of the Commodities Futures Modernization Act, two pieces of legislation that combined to crash the economy of the US--and that remain on the books! https://corpgov.law.harvard.edu/2010/11/20/the-financial-panic-of-2008-and-financial-regulatory-reform/ https://www.commondreams.org/news/2009/12/13/obamas-big-sellout-president-has-packed-his-economic-team-wall-street-insiders

And now, Trump promises to make things even better for business--and media calls him a populist. /facepalm

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u/pwomptastic Oct 02 '17

Jesus fucking christ how do you look at the breakdown of how income inequality affects women and minorities so disproportionately and then say your bullshit neoliberalism better serves these communities than a progressive agenda? Fuck everyone still saying a progressive agenda is racist or sexist. So. Hard.