Bush's Ownership Society: Concentrating Wealth And Power

[Itsthetruth]

CounterPunch
March 29, 2005

Concentrating Wealth and Power
Owning Up to the "Ownership Society"
By MARK WEISBROT

Mark Weisbrot is co-director of the Center for Economic and Policy Research, in Washington, D.C. He is the author, with Dean Baker, of Social Security: the Phony Crisis.

-----------------------------------------------------------------


President Bush has dubbed his agenda an "ownership society," the idea being that every American -- not just the rich -- should enjoy the benefits of owning something that generates income. All too often he is taken at his word, without looking at the actual effects of his proposed -- and already implemented -- policy changes.

In short, we already have an "ownership society" -- in the sense that the big owners of wealth are calling most of the shots. Wealth in this country is highly concentrated, and has become even more so in recent decades. About 5 percent of Americans own the majority of our nation's wealth. The bottom 40 percent holds about 0.2 percent.

President Bush's agenda continues to further this concentration of ownership, mainly by allowing more tax advantages and legal powers that enable the largest wealth holders to increase their income and wealth. As wealth becomes more concentrated in fewer hands, so too does political power. In that respect he really is promoting an "ownership society."

http://www.counterpunch.org/weisbrot03292005.html

[Goathead]

1. How many people is about 5 percent of Americans?

I need solid numbers.

[Just Me]

2. Assuming we have approximately 250 million people living here,...

,...approximately 100 million hold only .2 percent of the country's wealth while approximately 12.5 million hold the majority of the country's wealth and the remaining 137.5 million split what's left.

x(