Friday, September 5, 2014

in the US: “The top 3% held 54.4% of all wealth in 2013, up from 44.8% in 1989. The bottom 90% held 24.7@ of wealth last year, down from 33.2% in 1989.”


Wow! So much for democratic capitalism....

Leubsdorf, B. (2014, Sep 5) “Rich-Poor Gap Widened Amid Recovery, Fed Finds.” The Wall Street Journal, B1.
[Excerpted]…Average, or mean, pretax income for the wealthiest 10% of US families rose 10% in 2013 from 2010, but families in the bottom 40% saw their average inflation-adjusted income decline over that period, according to the Fed’s Survey of Consumer Finances, which is conducted every three years. The report showed little change in average take-home pay for middle-and upper-middle class families, who ‘failed to recover the losses experienced between 2007 and 2010,’ it said.”
Majia here: The Fed's Survey reported:
Average income rose 4% 2010-2013

Median income fell 5% for every income bracket except for the top 10%

Median net worth of American families 2% overall from 2010 to 2013

Top 3% of families enjoyed a rise of income share from 27.7% in 2010 to 30.5% in 2013

“The top 3% held 54.4% of all wealth in 2013, up from 44.8% in 1989. The bottom 90% held 24.7@ of wealth last year, down from 33.2% in 1989.”


2 comments:

  1. Oligarchy product protection firms corporations all designed to maximize profits and without conscience since conscience is a human aspect and not a department in a corporation which itself has no consciousness but is simply a machine for making money and acquiring wealth. Like a tractor. Add to this unfortunate mix the current substitution of brain for mind which is intended to reduce humans to machines as well--complex like a computer but not really any different. This is all very unscientific by the way and based on unexamined assumptions. But good for business. Since there is now an over supply of the human machine mercury in vaccinations, radiation, etc. will simply cull the herd. Surprisingly college educated people go right along with these amazing deductions.

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  2. Yes, the scientific management of the 19th century haunts us today with its aim to reduce labor to easily replaceable mechanical parts

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