SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Amazon CEO Jeff Bezos unveils new Kindle reading devices at a press conference in Santa Monica, California. (Photo: David McNew/Getty Images)
If Inequality Continues to Grow at Current Rate, Richest Americans Will Own 100% of US Wealth in 33 Years: Analysis
"However you slice it, the rich have been getting richer. Lots richer."
Aug 05, 2019
If wealth inequality in the United States continues to soar at its current rate, the top 10 percent of Americans could own 100 percent of the nation's net worth by 2052.
That's according to an analysis by Dallas Morning News finance columnist Scott Burns, who wrote Sunday that the wealthiest Americans "will truly 'have it all' just 33 years from now."
"If they continue to gain share at that rate, they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."
--Scott Burns, Dallas Morning News
"However you slice it, the rich have been getting richer. Lots richer," wrote Burns, citing Federal Reserve data. "Here are the basics. From 2013 to 2016, the top 10 percent of households increased their share of total wealth from an amazing 75.3 percent to a stunning 77.2 percent. That's a share gain of 1.87 percent in just three years."
"If they continue to gain share at that rate," Burns added, "they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."
Burns's analysis is just the latest evidence that wealth inequality in the United States, juiced by President Donald Trump's massive tax cuts for the rich, is reaching unprecedented heights.
In February, University of California, Berkeley economist Gabriel Zucman published research showing the top 0.00025 percent--just 400 Americans--owns more wealth than the bottom 150 million Americans.
As Common Dreams reported in June, Matt Bruenig, founder of the left-wing think tank People's Policy Project, pointed to Federal Reserve data to show that the bottom half of Americans lost $900 billion in wealth between 1989 and 2018.
Over that same period, Bruenig found, "the top one percent increased its total net worth by $21 trillion."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
If wealth inequality in the United States continues to soar at its current rate, the top 10 percent of Americans could own 100 percent of the nation's net worth by 2052.
That's according to an analysis by Dallas Morning News finance columnist Scott Burns, who wrote Sunday that the wealthiest Americans "will truly 'have it all' just 33 years from now."
"If they continue to gain share at that rate, they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."
--Scott Burns, Dallas Morning News
"However you slice it, the rich have been getting richer. Lots richer," wrote Burns, citing Federal Reserve data. "Here are the basics. From 2013 to 2016, the top 10 percent of households increased their share of total wealth from an amazing 75.3 percent to a stunning 77.2 percent. That's a share gain of 1.87 percent in just three years."
"If they continue to gain share at that rate," Burns added, "they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."
Burns's analysis is just the latest evidence that wealth inequality in the United States, juiced by President Donald Trump's massive tax cuts for the rich, is reaching unprecedented heights.
In February, University of California, Berkeley economist Gabriel Zucman published research showing the top 0.00025 percent--just 400 Americans--owns more wealth than the bottom 150 million Americans.
As Common Dreams reported in June, Matt Bruenig, founder of the left-wing think tank People's Policy Project, pointed to Federal Reserve data to show that the bottom half of Americans lost $900 billion in wealth between 1989 and 2018.
Over that same period, Bruenig found, "the top one percent increased its total net worth by $21 trillion."
If wealth inequality in the United States continues to soar at its current rate, the top 10 percent of Americans could own 100 percent of the nation's net worth by 2052.
That's according to an analysis by Dallas Morning News finance columnist Scott Burns, who wrote Sunday that the wealthiest Americans "will truly 'have it all' just 33 years from now."
"If they continue to gain share at that rate, they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."
--Scott Burns, Dallas Morning News
"However you slice it, the rich have been getting richer. Lots richer," wrote Burns, citing Federal Reserve data. "Here are the basics. From 2013 to 2016, the top 10 percent of households increased their share of total wealth from an amazing 75.3 percent to a stunning 77.2 percent. That's a share gain of 1.87 percent in just three years."
"If they continue to gain share at that rate," Burns added, "they'll have the remaining 22.8 percent of net worth held by the other 90 percent in just 12 more surveys, give or take an upheaval or two."
Burns's analysis is just the latest evidence that wealth inequality in the United States, juiced by President Donald Trump's massive tax cuts for the rich, is reaching unprecedented heights.
In February, University of California, Berkeley economist Gabriel Zucman published research showing the top 0.00025 percent--just 400 Americans--owns more wealth than the bottom 150 million Americans.
As Common Dreams reported in June, Matt Bruenig, founder of the left-wing think tank People's Policy Project, pointed to Federal Reserve data to show that the bottom half of Americans lost $900 billion in wealth between 1989 and 2018.
Over that same period, Bruenig found, "the top one percent increased its total net worth by $21 trillion."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.
To inform. To inspire. To ignite change for the common good.
News & Opinion
Trending
Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit
Privacy Policy