You’ve heard the expression, “the rich get richer”? Well, check this out:
The total net worth of all Americans in 1989 was $25 trillion (in 2004 dollars). Of that amount, the top 1 percent owned 30 percent, or $7.775 trillion. The bottom half owned 3 percent of the total, or $763 billion.
Fifteen years later, in 2004, the total wealth of all Americans had doubled to $50.25 trillion. The top 1 percent of the population now owns 33.4 percent of the total, or $16.774 trillion. Their percentage share of the total has increased by more than 3 percent in fifteen years. At the same time, the total wealth owned by the bottom 50 percent increased to $1.278 trillion, but its percentage of total wealth declined from 3 percent to 2.5 percent in the same time period.
Thus the wealth of the top 1 percent was ten times the wealth of the bottom 50 percent in 1989. Fifteen years later, the wealth of the top 1 percent was thirteen times the wealth of the bottom 50 percent.
The rest of the article from The Nation is well worth reading. This, to me, is just further evidence that capitalism has grown to be so topheavy as to be unsustainable.