Friday, May 18, 2018
U.S.: Worse Wealth Distribution Than 3rd World Countries
The United States, in modern times, has prided itself on being a nation that provided a decent living for most of its citizens -- a nation where wealth was fairly distributed to its citizens (unlike many 3rd world countries made up of "haves" and "have-nots"). In the past that was mostly true. But it is not true now.
The chart above shows the distribution of wealth in the United States in 2017. Note that the bottom 70% of Americans own only 6.9% of the nation's wealth. The bottom 40% own no wealth at all (meaning they owe as much as they own), and the bottom 20% have negative wealth (owing more than they own). Meanwhile, the top 20% owns 87% of the nations wealth, the top 10% owns 75%, and the top 1% owns 35.5%.
That's the most unequal distribution of wealth since the days of the "robber barons" -- and it is getting worse with each passing year. Donald Trump and the Republicans were voted into power because they promised to make life better for American workers. They lied.
What they actually did was make things worse by doubling down on their ridiculous "trickle-down" economic policy. They passed a massive tax cut that they said benefitted the middle class. But over 80% of the benefits went to the rich, and corporations made out like bandits. Their actions will make the wealth distribution much worse -- much more unequal!
Thanks to the Republican economic policies, the United States has become a nation of "haves" and "have-nots" -- and is actually much worse than many of the 3rd world countries we used to pity.
The Republican Party is NOT the party of workers. It is the party of the rich and corporations. American voters need to realize that. The economy will not be fixed until they are voted out of power.