Is inequality of wealth all that unequal? Lets examine wealth for a minute. If you believe the wealth of our richest 1% families is unfair, then you must also believe that the small and medium businesses that drive our economy are unfair as well.
He talked of the capitalist domination of government in bygone Republican times, praised the determination of ABC to end the “rule of the rich” and give the average American a chance. Ninety percent of the wealth of the country was in the hands of 4 percent of the population he said. ABC was the “man of the hour” to chase the money changers from the temple, so that the common people of the country could have a chance at the good things of life. (1934)
No one could be more mistaken than the isolationists, he said America had erred gravely by refusing to sign the Versailles Treaty and refusing to join the League of Nations. “We did not accept our responsibility as a world power.” (1938)
If the above sounds familiar, it should because you are hearing a similar song today. It would appear nothing much changes with political rhetoric or the problems it raises. How did we ever survive since the 1930s?
The good news is that we have made great strides in wealth disparity. Today the top 1% have only about 35% of the wealth, a far cry from 90%. 😎 (That was before January 2016 of course).
Oh yes, who said the above? It was Harry S Truman and of course ABC is FDR.
The wealth share of America’s top 3 percent, Fed researchers calculate, rose from 44.8 percent of the nation’s wealth in 1989 to 51.8 percent in 2007 and 54.4 percent in 2013. The top 3 percent now hold over double the wealth of America’s poorest 90 percent of families. – See more at: http://inequality.org/wealth-inequality/#.dpuf.
[I like the use of “poorest” above; pretty cool equating poor with 90 percent of American families]
Look at the assets of people who are wealthy. Notice most of their wealth is in their business followed by investments with relatively little in pension accounts and liquid assets. One could correctly surmise they earned their wealth and that most of it is at risk one way or the other.
Source: Wall Street Journal Blog
Here is an interesting article that is an eye opener. The very average guy who just happens to be a millionaire. Portrait of a Millionaire