Source: U.S. Census Bureau
h/t Paul Buchheit.
According to the U.S. Census Bureau’s Relative Poverty Measure (see Table 4), which is “most commonly used in developed countries to measure poverty,” 18 percent of Americans are below the poverty threshold and 32 percent are below twice the threshold, putting them in the low-income category. In other words, half of Americans are poor or low-income.
The bottom half of America own just 1.1% of the country’s wealth, or about $793 billion, which is the same amount owned by the 30 richest Americans. ZERO wealth is owned by approximately the bottom 47 percent.
Our politicians can either do something about inequality, or Americans will do something about our political system.
Recommended viewing: Jacob Kornbluth’s film “Inequality for All” with Robert Reich. Now on Netflix.
Inequality for All
After-tax profits for American corporations hit another record high last year, rising to $1.68 trillion. American workers have experienced a “lost decade” of wage growth, as their pay stayed flat or declined between 2000 and 2012, despite a 25 percent bump in productivity.