Wealth and Income Share of the Top 1%, 1913-2012
At one of the many high-dollar fundraisers Hillary Clinton held during the month of August, a personal-check donation of $100,000 would get an attendee a photo with Hillary, according to a recent New York Times article. Rubbing shoulders with the likes of Paul McCartney at a waterfront Hampton’s estate fund-raiser, Hillary “joined in a sing-a-long finale to ‘Hey Jude’.”
…Since the late-1970s, the top one percent of families have been steadily accumulating a larger share of the nation’s wealth (total assets people own net of their debts), recessions notwithstanding. In 2012 (the most recent available data), the top one percent of families (1.6 million families, each with at least $4 million in assets in 2012) held about 42 percent of all the wealth. Although still below the 1928 peak of 51 percent, the growth has been spectacular, almost doubling in close to 40 years.
“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.”
— Louis Brandeis