45 Signs That America Will Soon Be A Nation With A Very Tiny Elite And The Rest Of Us Will Be Poor
April 5, 2012
The American Dream
By Michael Snyder
“Don’t believe the lies that the economy is getting better. It’s not too shabby for the elite – but everyone else has no money.” –KTRN
#1 Increasingly, gains in income are becoming very highly concentrated at the top of the food chain in America. The following is how income gains in the United States were distributed during 2010….
-37 percent of all income gains went to the top 0.01 percent of all income earners
-56 percent of all income gains went to the rest of the top 1 percent
-7 percent of all income gains went to the bottom 99 percent
#2 Back in the ’70s, the top 1 percent earned about 8 percent of all income. Today, they earn about 21 percent of all income.
#3 The wealthiest 1 percent of all Americans own more wealth than the bottom 95 percent combined.
#4 According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.
#5 The poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.
#6 Median household income in the United States is down 7.8 percent since December 2007 after adjusting for inflation.
#7 The top 0.01% of all Americans make an average of $27,342,212. The bottom 90% make an average of $31,244.
#8 According to the Economic Policy Institute, between 1979 and 2007 income growth for the top 1 percent of all U.S. income earners was an astounding 390 percent. For the bottom 90 percent, income growth was only 5 percent over that same time period.
#9 According to one study, between 1969 and 2009 the median wages earned by American men between the ages of 30 and 50 dropped by 27 percent after you account for inflation.
#10 In 2010, 2.6 million more Americans descended into poverty. That was the largest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.