5 Facts About How America Is Rigged for a Massive Wealth Transfer to the Rich

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http://www.alternet.org/economy/5-facts-about-how-america-rigged-massive-wealth-transfer-rich

1. Each Year Since the Recession, America's Richest 1% Have Made More Than the Cost of All U.S. Social Programs

In effect, a reverse transfer from the poor to the rich. Even as conservatives blame Social Security for being too costly.

2. Almost None of the New 1% Wealth Led To Innovation and Jobs

In 2005, for every $1 of financial wealth there was 66 cents of non-financial (home) wealth. Ten years later, for every $1 of financial wealth there was just 43 cents of non-financial (home) wealth.

3. Just 47 Wealthy Americans Own More Than Half of the U.S. Population

Oxfam reported that just 85 people own as much as half the world. Here in the U.S., with nearly a third of the world's wealth, just 47 individuals own more than all 160 million people (about 60 million households) below the median wealth level of about $53,000.

4. The Upper Middle Class of America Owns a Smaller Percentage of Wealth Than the Corresponding Groups in All Major Nations Except Russia and Indonesia.

The upper middle class in the U.S., defined as everyone in the top half below the richest 20%, owns 11.9 percent of the wealth. Indonesia at 10.5 percent and Russia at 7.5 percent are worse off, but in all other nations the corresponding upper middle classes own 12 to 27 percent of the wealth.

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1. should be for a "CONTINUING massive wealth transfer to the rich"

This has been ongoing for quite sometime now.