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In reply to the discussion: Obama calls critics of TPP secrecy 'Conspiracy Theorists' [View all]Octafish
(55,745 posts)200. For me, it is heartbreaking and disgusting at the same time.
All the promise in the world, change, etc. Instead, millions tossed from their homes and banksters laugh.
The Shocking Redistribution of Wealth in the Past Five Years
by Paul Buchheit
Published on Monday, December 30, 2013 by Common Dreams
Anyone reviewing the data is likely to conclude that there must be some mistake. It doesn't seem possible that one out of twenty American families could each have made a million dollars since Obama became President, while the average American family's net worth has barely recovered. But the evidence comes from numerous reputable sources.
Some conservatives continue to claim that President Obama is unfriendly to business, but the facts show that the richest Americans and the biggest businesses have been the main - perhaps only - beneficiaries of the massive wealth gain over the past five years.
1. $5 Million to Each of the 1%, and $1 Million to Each of the Next 4%
From the end of 2008 to the middle of 2013 total U.S. wealth increased from $47 trillion to $72 trillion. About $16 trillion of that is financial gain (stocks and other financial instruments).
The richest 1% own about 38 percent of stocks, and half of non-stock financial assets. So they've gained at least $6.1 trillion (38 percent of $16 trillion). That's over $5 million for each of 1.2 million households.
The next richest 4%, based on similar calculations, gained about $5.1 trillion. That's over a million dollars for each of their 4.8 million households.
The least wealthy 90% in our country own only 11 percent of all stocks excluding pensions (which are fast disappearing). The frantic recent surge in the stock market has largely bypassed these families.
2. Evidence of Our Growing Wealth Inequality
This first fact is nearly ungraspable: In 2009 the average wealth for almost half of American families was ZERO (their debt exceeded their assets).
In 1983 the families in America's poorer half owned an average of about $15,000. But from 1983 to 1989 median wealth fell from over $70,000 to about $60,000. From 1998 to 2009, fully 80% of American families LOST wealth. They had to borrow to stay afloat.
It seems the disparity couldn't get much worse, but after the recession it did. According to a Pew Research Center study, in the first two years of recovery the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%. And then, from 2011 to 2013, the stock market grew by almost 50 percent, with again the great majority of that gain going to the richest 5%.
Today our wealth gap is worse than that of the third world. Out of all developed and undeveloped countries with at least a quarter-million adults, the U.S. has the 4th-highest degree of wealth inequality in the world, trailing only Russia, Ukraine, and Lebanon.
3. Congress' Solution: Take from the Poor
Congress has responded by cutting unemployment benefits and food stamps, along with other 'sequester' targets like Meals on Wheels for seniors and Head Start for preschoolers. The more the super-rich make, the more they seem to believe in the cruel fantasy that the poor are to blame for their own struggles.
President Obama recently proclaimed that inequality "drives everything I do in this office." Indeed it may, but in the wrong direction.
FORUM HOSTS, PLEASE NOTE: This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
Paul Buchheit is a college teacher, an active member of US Uncut Chicago, founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org), and the editor and main author of "American Wars: Illusions and Realities" (Clarity Press). He can be reached at paul@UsAgainstGreed.org.
Original Article: http://www.commondreams.org/view/2013/12/30-0
What makes me furious is how it's been no New Deal for the 21st Century and all welfare for the wealthy.
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Looks like the world is filled with them, no? But then, otoh, we have seen some of what is in that
sabrina 1
May 2014
#11
But is that a bad thing? Throughout history many Conspiracy Theories turned out
rhett o rick
May 2014
#21
I wonder why there's a "lack of knowledge of what is going on in the negotiations"
arcane1
May 2014
#2
Good on you. So, why do TPP negotiators get multi-million dollar bonuses from Wall Street?
Octafish
May 2014
#15
conspiracy: the act of secretly planning to do something that is harmful or illegal
Tierra_y_Libertad
May 2014
#7
Stellar post. I wish you would break this down and make an OP, or several.
woo me with science
May 2014
#19
I knew he was a corporatist from the beginning, and wasn't even in my Top 3 to vote for, but he
Ghost in the Machine
May 2014
#42
debbie was-shultz said the same thing about people claiming the gop was rigging elections
leftyohiolib
May 2014
#26
He should have directed that to the tea party and its New World Order conspiracy theorists.
pampango
May 2014
#30
Oh, they all strung those three words together. I think that tea partiers take those words to mean
pampango
May 2014
#51
But you can't criticize Republicans, you have to reach across the aisle and work together!
Scootaloo
May 2014
#40
Yeah, got to be 'bipartisan', I guess. But it causes much consternation among liberals who
pampango
May 2014
#55
What makes you say that? Conservatives rely on conspiracy theories much more than liberals.
pampango
May 2014
#209
Just because there's a conspiracy theory doesn't mean there's no conspiracy... nt
backscatter712
May 2014
#34
For the side show of irrelevance: He also indicated the Democratic Party has conspiracy theories.
Octafish
May 2014
#48
You are right, nothing we say matters in DC. That is obvious, and that paragraph is amazing.
sabrina 1
May 2014
#90
Okay, put in corporatism where I said capitalism. Same deal for the rest of the post. n/t
Tobin S.
May 2014
#70
Boy, you can really tell when a Third Way type doesn't need your vote anymore. /nt
Marr
May 2014
#45
What was that about being more free to pursue his agenda during the second term?
woo me with science
May 2014
#68
Setting aside conspiracy theories, the reality in these trade agreements is that they
JDPriestly
May 2014
#46
Maintaining jobs is also important in a global market. Like I said, things could be worse doin nutin
Hoyt
May 2014
#233
Wages were flat for 20 years (fell for 7 years right) before NAFTA, rose from 1994-2000 then
pampango
May 2014
#226
Doesn't really matter what is going on in negotiations. Congress must approve any proposed agreement
Hoyt
May 2014
#111
So you're OK using far-rightwing sources to support your criticisms of the Obama administration?..nt
SidDithers
May 2014
#206
I don't agree with the TPP, but I disagree that the US Government criminal or evil
davidpdx
May 2014
#123
Nothing theoretical about it. It is harmful, and they are trying like hell to ram it through.
GoneFishin
May 2014
#126
And, that might be overly kind. It's amazing he remains so cool with some of this criticism.
Hoyt
May 2014
#139
Of course people have a "lack of knowledge" -- BECAUSE HE AND HIS F'n CRONIES WONT REVEAL ANYTHING
Armstead
May 2014
#136
What was wrong in NAFTA? It preceded the only increase in real wages in the past 40 years.
Recursion
May 2014
#138
My 3D game job got shipped to India or China. There was an operation in our company
Phlem
May 2014
#147
They started offshoring in the 1960's. How did NAFTA signal that 30 years before?
Recursion
May 2014
#155
Wow, he just called anyone who believes it is correct to question our leaders an "N" word.
fleabiscuit
May 2014
#159
One reason, it's not finished. I don't think any of it has been presented to Congress.
Hoyt
May 2014
#182
So all the Unions who worked so hard to get him in office are now conspiracy nuts ?
classykaren
May 2014
#179
Nobel Prize went to the fired economist who pointed out the real issues in global finance.
Octafish
May 2014
#185
People, you really need to read the actual quote instead of slurping the spin of this 'article'.
brett_jv
May 2014
#193
When a group conspires to keep and enact something in secret - that is a conspiracy
on point
May 2014
#202