3/31/2023 0 Comments One of the few the proud![]() At stake is nothing less than our economy and our democracy. We’ve got to get serious about reversing the long term trend of the ever increasing concentration of income and wealth into the hands of a few at the expense of the many. Also, didn’t I just read somewhere that Wal-Mart is substantially rolling back health care coverage for part-time workers and significantly raising premiums for many full-time staff? These revelations renewed my interest in the inheritance and estate tax debates. The 2010 SCF data that is slated for release spring of 2012 will almost certainly show a further widening of the wealth gap given that corporate profits, stocks and CEO pay have all recovered while housing values & equity (the lion’s share of wealth for average American’s), wages and family incomes have yet to turn around. The combined worth of the Walton six was $69.7 billion in 2007-which equated to the total wealth of the entire bottom thirty percent!īTW the new 2011 Forbes 400 has the inherited worth of these six Waltons at $93 billion. Upon closer inspection, the Forbes list reveals that six Waltons - all children (one daughter-in-law) of Sam or James “Bud” Walton the founders of Wal-Mart - were on the list. In 2007 (the most recent SCF) the cumulative wealth of the Forbes 400 was $1.54 trillion or roughly the same amount of wealth held by the entire bottom fifty percent of American families. If we look at both the SCF and the Forbes 400 we can glean some interesting insights. ![]() And, of course the Forbes 400 estimates the worth of the wealthiest amongst us-all 400 wouldn’t be captured in the SCF. The triennial Survey of Consumer Finances (SCF) is one of the best sources for data on wealth in the U.S. And, the riches of those in the top 1 percent are about 225 times greater than that held by the typical family-it was 125 times in 1962-so, Grandma was correct too.īut, let’s look a bit further. The share of wealth held by the top fifth is about 87.2 percent while the bottom four-fifths share the remaining 12.8 percent of wealth-so the Occupiers are correct in their assessment. here, here, & here) out there but here are two. We discuss marketing for the publishing industry, how he helps authors get NY Times and USA Today bestsellers, and how to effectively leverage your achievements. Well, there is a plethora of statistics (e.g. But becoming one who makes real money doing it is perhaps harder than its ever been. First, how skewed is the distribution? Second, it is true that the rich have gotten much richer over time? - a statement I often heard my Grandma make. There are a few questions floating around about wealth. In particular the Occupy movement has brought the huge disparities in wealth to the forefront. Much of the current political and popular discourse has focused on inequalities that exist in the U.S.
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