Thursday, July 19, 2012

A Plutocracy By Any Other Name . . .



If you are one of these people who truly believes that a country of 5 million haves and 320 million have-nots is the ideal formula for a long term, stable democracy, you obviously have either flunked history, or just didn't give a shit enough to learn anything from it.

WASHINGTON -- The share of the nation's wealth held by the less affluent half of American households dropped precipitously after the financial crisis, to 1.1 percent, according to new calculations by Congress's nonpartisan research service.
By contrast, the share of total net worth held by the weathiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent's share was 74.5 percent.
The bottom half's share of wealth has declined since it reached a high of 3.6 percent in 1995. But the most dramatic drop occurred after 2007, according to the analysis of data from the Federal Reserve’s latest Survey of Consumer Finances.
Another staggering indicator of the concentration of wealth at the top in the U.S: When all household wealth is divided by the number of households, the mean household net worth in 2010 totals $498,800. But the median household net worth -- the level at which half the households have more and half have less -- was $77,300, meaning that the rich have so much that the average net worth in the U.S. is actually 6.5 times that of a typical American family.


http://www.huffingtonpost.com/2012/07/19/households-wealth-american-1-percent_n_1687015.html


Go and do yourselves a favor - take some time to learn something about this shit - and if you don't like what you learn, then do the rest of us a favor and join us in speaking up about it.


----TFG



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