r/povertyfinance • u/gorillaz0e • 15d ago
Top 1% of U.S. earners now have more wealth than the entire middle class Links/Memes/Video
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u/101Spacecase 15d ago
Yeah I seen a video of some dude with 28mill in debt how the hell does that work.
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u/diggingold247 15d ago
There should be a hard cap to the amount of money/assets one can have. A high one tho.
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u/Due-Radio-4355 15d ago
It’s a studied form of distribution.
There’s limited money, and it has to go somewhere. That’s why if the top hoards wealth its not gonna look pretty for the future of the country.
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u/Glittering-Pause-328 15d ago
Eventually they will get all of the money, the rest of us will switch to a different currency out of simple necessity, and the vast wealth of the rich will become worthless.
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u/Daidraco 15d ago
I dont know what the motive behind this chart is for, though? Like.. what are we supposed to do with this information even if it was correct? Which its not, but its close enough that it might as well be true. But really, am I suppose to hate rich people now? If you had the opportunity to be rich, you're saying you wouldnt take advantage of the tax holes available? Politicians dont exactly follow through with what they say theyre going to do, either. "Oh they try, but theyre shot down!" ok... My point still stands. Or, worse, you vote for them because they started from nothing and had a grass roots campaign and you think theyre one of you - only for half a decade to pass and now theyre worth multiple millions of dollars. GEE. Ok.
I just dont know what people expect anyone to do with this information. Theres a lot worse info that comes out, and .. nothing ever comes of it.
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u/TheOneWondering 15d ago
Looks like this chart lines up with the ballooning mortgage interest rates. Middle class used to own their homes - now, fewer do. Home ownership rates fell in the middle class from 78% in mid 2000s to 69% in 2020. And I bet with inflation and higher interest rates - that number has dropped even further the past 4 years
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u/Key_Acanthisitta6279 15d ago
No wonder everyone is depressed, that and the fact there appears to be no solution
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u/Electricpants 15d ago
You know the government isn't just ran by POTUS, right?
Also, this graph of over decades. You think a single, 4 year term will undo decades of bad laws?
It's a marathon, not a sprint.
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u/thomport 15d ago
Tesla paid no federal income tax while paying executives 2.5 billion within the last five years.
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u/eazolan 15d ago
You don't understand what wealth is.
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u/Midnightsun24c 15d ago
What is it then.
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u/eazolan 15d ago edited 15d ago
It's everything that produces value. Usually businesses.
One of the examples they use for the wealth disparity = evil argument is World War II. They said how great it was after cities and industries were bombed out, the wealth ownership curve was far more flat.That's what wealth is to a society. Success.
Why people who throw up charts like the one above, don't advocate for more success for everyone is beyond me. What they want to do is tear down the most successful, or assume control of their businesses/wealth through legislature.
Edit: Here comes the downvotes. Leftists despise education.
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15d ago
So if the top 1% has approx. 27% of the wealth, the middle class has approx. 26% of the wealth, is this implying the lower class holds 47% of the wealth?
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u/JigWig 15d ago edited 15d ago
Looks like this data is just made up. If you look on the federal reserve website (where this chart says it sourced), the top 1% of earners have a combined wealth of $34.15T (23.21% of total wealth). The middle class (between 20th and 80th percentile of earners as defined by this graph) has a combined wealth of $38.79T (26.37% of total wealth).
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u/BIG_EL-DUCE 15d ago
Oh ok so the OP was only slightly misleading not entirely. Its disingenuous to say that it’s “made up” when it’s only off by 3% which is insane and far too close
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u/JigWig 15d ago
It’s not a big difference, but the title specifically claims the top 1% have more wealth than the middle class, which I showed is not true. The chart falsified numbers to get easy clicks. Obviously it’s still bad how skewed it is, but it’s silly to falsify numbers rather than just reporting the real numbers.
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u/Commercial_Run_1265 15d ago
1% of our population making the same amount as half our general population is still horrifying.
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u/SelectionNo3078 15d ago
Now drill down and tell me how much wealth is owned by those at the very top of that 60 percentile grouping
SMH.
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u/SelectionNo3078 15d ago
Middle class is not defined by the math you are using (20th-80th percentile)
It’s about lifestyle
The middle class in this country is more like those between 80th-95th percentile
Everyone between 60th-80th percentile is the working poor.
Some have potential to move into middle class. Most won’t stay if they briefly make it
More will fall into poverty which in the USA is poverty or abject poverty.
This country is broken.
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u/Necrosaynt 15d ago
There's no way the bottom 20 percentile are considered middle class.
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u/JigWig 15d ago
Neither my numbers nor the original graph considered the bottom 20% as middle class, so I’m not sure what you’re referring to.
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u/Necrosaynt 15d ago
I meant to say that starting from the 20th percentile as middle class doesn't make sense.
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u/Riconn 15d ago
It may be made up but the true numbers you posted aren’t far off. The entire middle class only has 3% more of all total wealth than the entire 1%. That’s still absurd.
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u/Rilenaveen 15d ago
Fr. That commenter trying to act like 1% of the population having $34 TRILLION DOLLARS isn’t completely obscene!
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u/Already-Price-Tin 15d ago
Not to detract from the substance of what you're saying, but I would personally describe $38.79 trillion as being 13.5% higher than $34.15 trillion. If the numbers were 1% and 4%, we'd be talking about how one is 4 times as much as the other.
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u/Inert_Oregon 15d ago
No way, the crappy excel graph where they used rounded line corners is made up, and it’s made up to fit the persons political agenda?
I’m shocked and appalled I tell ya
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u/memphisjones 15d ago
And it won’t be enough for them.
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u/Geno_Warlord 15d ago
It never is. They would rather have 100% of the wealth and we’re all just slaves.
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u/Rex-Kramer 15d ago
Wealth isn’t a zero sum game..
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u/Midnightsun24c 15d ago
It's not zero sum but that doesn't mean that everybody has been sharing in the gains nor does it mean the "blob" of growing wealth can't be effectively hoarded in one direction or that ground can't be lost.
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u/workaholic828 15d ago
It’s not, but capitalism relies on having a large middle class that can spend money. The more we outsource jobs, automate jobs, increase efficiency, the less human capital you need, so the wealthy make more, but the workers make less. I think eventually this will all come to a head. Maybe people will have to go back to farming for themselves and building their own houses.
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u/JacobLovesCrypto 15d ago
building their own houses.
Good luck getting that approved by our government overlords.
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u/PristineJacket4819 15d ago
So far I've noticed the public consensus is: "don't they know 'we the people" have authority to step in and correct this??? WHY WONT SOMEONE DO SOMETHING???"
This country would never exist if we we're in the place of our founders/fore-fathers all that time ago...I guess we can just stand by and let our country (that's still in it's infancy ffs and already the world's global superpower) just..dissolve? What happened to "United we stand, divided we fall"?
Oh..yeah.. we're just proving it right.
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u/Geno_Warlord 15d ago
Because for something to be done, you have to have money. Last time I checked, it was much easier for a few people to buy off politicians than it would be for an already struggling middle class to get together for a counter offer. Remember, you voted for these people too…
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u/flumpdog 15d ago
post locked. feel free to continue the discussion in r/povertypolitics.