From Global research
What Classless Society? The Growing Rich-poor Gap in "Classless" America
Top 10% controls 96% of the wealthThe so-called growing rich-poor gap in "classless" America is a euphemism for the existence of an accelerated class struggle against American workers and the poor by a relatively small minority that possesses or has access to great wealth and power.
The Census Bureau reported Sept. 24 that the income differential between rich and poor Americans was greater in 2009 than any time since such records were kept.
Another Census report two weeks earlier revealed that America's largest year-to-year increase in poverty took place in 2009, although its estimate of 43.6 million people living in poverty is considered a serious undercount based on outmoded measurement criteria. Young workers and children are fast falling to the bottom of the heap. The biggest poverty jump last year was among 18 to 24 year old "less-skilled" adults, and 20% of our children live in poverty.
The Associated Press reported Sept. 28 that "The top-earning 20% of Americans — those making more than $100,000 each year — received 49.4% of all income generated in the U.S., compared with the 3.4% earned by those below the poverty line, according to newly released Census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.
"A different measure, the international Gini index, found U.S. income inequality at its highest level since the Census Bureau began tracking household income in 1967. The U.S. also has the greatest disparity among Western industrialized nations in the Organization for Economic Cooperation and Development."
Following are some recent statistics and statements that show how wide is the chasm between the upper class and the rest of American society, from the poorest of the poor through the working class and middle class.
(Note in following paragraphs the difference between "income," meaning what you earn each year, and "wealth," meaning income plus assets — assets being everything you own, from your house, car and furnishings to all your property, savings, stocks and bonds, yachts, jewelry, etc.
According to the Wall St. Journal, a 2008 study of wealth in the United States found that the richest .01% (that's one-hundredth of one percent, or 14,000 American families) possess 22.2% of the nation's wealth. The bottom 90%, or over 133 million families, control just 4% of the nation's wealth. The remaining top 9.99% made ends meet with what's left, 73.8%.
David DeGraw also has written that "a recent study done by Capgemini and Merrill Lynch Wealth Management found that a mere 1% of Americans are hoarding $13 trillion in investable wealth...and that doesn’t even factor in all the money they have hidden in offshore accounts."
A recent report by Ray B. Williams points out that "The U.S. Census Bureau and the World Wealth Report 2010 both report increases for the top 5% of households even during the current recession. Based on Internal Revenue Service figures, the richest 1% have tripled their cut of America's income pie in one generation. In 1980 the richest 1% of America took 1 of every 15 income dollars. Now they take 3 of every 15 income dollars.... Income inequality has been rising since the late 1970s, and now rests at a level not seen since the Gilded Age (1870 to 1900), a period in U.S. history defined by the contrast between the excesses of the super-rich and the squalor of the poor."
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