How 90% of American Households Lost an Average of $17,000 in Wealth to Plutocrats in 2016
BY PAUL BUCHHEIT at Moyers and Co.
http://billmoyers.com/story/90-american-households-lost-average-17000-wealth-plutocrats-2016/
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These multimillionaires effectively shifted nearly $4 trillion in wealth away from the rest of the nation to themselves in 2016. While there’s no need to offer condolences to the rest of the top 10 percent, who still have an average net worth of $1.3 million, nearly half of the wealth transfer ($1.94 trillion) came from the nation’s poorest 90 percent — the middle and lower classes, according to Piketty and Saez and Zucman. That’s over $17,000 in housing and savings per lower-to-middle-class household lost to the superrich.
Put another way, the average 1 percent household took an additional $3 million of our national wealth in one year while education and infrastructure went largely unfunded.
It Gets Worse: Each MIDDLE-CLASS Household Lost $35,000 to the 1 Percent
MORE ON INEQUALITY
Participants attend a meeting on the theme "Monetary Policy: Where Will Things Land?" on the opening day of the World Economic Forum, on January 17, 2017 in Davos. The global elite begin a week of earnest debate and Alpine partying in the Swiss ski resort of Davos. (FABRICE COFFRINI/AFP/Getty Images)
According to Piketty and Saez and Zucman, the true middle class is “the group of adults with income between the median and the 90th percentile.” This group of 50 million households lost $1.76 trillion of their wealth in 2016, or over $35,000 each. That’s a $35,000 decline in housing and financial assets, with possibly increased debt, for every middle-class household.
Housing Wealth for the 90 Percent Has Been Converted into Investment Wealth for the Plutocrats
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