50% Of American Households Hold 1 Percent Of Wealth

[DearAbby]

WASHINGTON -- The share of the nation's wealth held by the less affluent half of American households dropped precipitously after the financial crisis, to 1.1 percent, according to new calculations by Congress's nonpartisan research service.

By contrast, the share of total net worth held by the weathiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent's share was 74.5 percent.

The bottom half's share of wealth has declined since it reached a high of 3.6 percent in 1995. But the most dramatic drop occurred after 2007, according to the analysis of data from the Federal Reserve’s latest Survey of Consumer Finances.

Another staggering indicator of the concentration of wealth at the top in the U.S: When all household wealth is divided by the number of households, the mean household net worth in 2010 totals $498,800. But the median household net worth -- the level at which half the households have more and half have less -- was $77,300, meaning that the rich have so much that the average net worth in the U.S. is actually 6.5 times that of a typical American family.

More
http://www.huffingtonpost.com/2012/07/19/households-wealth-american-1-percent_n_1687015.html

[Scuba]

1. Which means you could double their wealth by adding just 1%, which could easily be....

... afforded by the 1% who hold most of our wealth.

[HiPointDem]

9. nah, they'd just spend it & give it back to the 1-percenters unless mechanisms are put in place to

allow the bottom to accumulate *real* wealth -- i.e. land, buildings, businesses, stocks & bonds, etc.

raising the bottom's income would be good, though, regardless.

[onehandle]

2. Lucky Duckies. nt

[Cleita]

3. Okay, how do we get the money back from them?

Waiting around for Congress to pass tax and other laws to make them give back to society is too slow. I have an idea. We need to start figuring out ways to make money off of them. As a bookkeeper in the past, I have worked for some very, very rich people, both American and foreign and I know that they are notoriously cheap. But, I have known enterprising business people who have figured out how to get them to part with cash.

I knew a painter who promoted his craft in Beverly Hills, Malibu and Bel Air by hooking up with designers and architects who remodeled multi-million dollar homes. He said he painted one mansion over and over, including all the trims until the owner kept changing his mind and it was a big fat check for him because he charged for every coat of paint and every trim he redid. Another friend, a chef, started catering children's birthday parties to the very rich. She charges plenty. Another, a nurse, learned to be a beautician and a tattoo artist as well and as an aesthetician makes big bucks doing permanent make-up (tattoos), facials and other SPA specialties to the spoiled, rich housewives around here.

I myself am starting to do some art, something I haven't done since college. I feel perhaps I should do one of a kind signature garden art, which I will try to sell to landscape architects who cater to the rich and famous. I intend to charge plenty.

Come on, we've got to channel our talents and skills into something they want that nobody else has. Trying to start a small business in these times is futile unless you focus on those with money in their bank accounts.

[cstanleytech]

12. The only way to really get it "back" with the least amount of resistance

would probably be with inheritance taxes but it take probably 50 to 80 years or more to fix.

[Cleita]

14. That's why we can't wait around for Congress. We need to do something,

legally, but much sooner.

[cstanleytech]

15. Since you are speaking legally then legally all we can do is try to pressure congress to act.

If they refuse though then we are pretty much up the river without a paddle.

[Zorra]

4. Thanks, great post. Saving it for reference. Interesting, important stuff:

Interesting stuff:

50% Of American Households Hold 1 Percent Of Wealth.

"The bottom half's share of wealth has declined since it reached a high of 3.6 percent in 1995."

We have been generally losing economic power for 16 years. The high occurred when Bill Clinton, a Democrat, was Prez.

"the most dramatic drop occurred after 2007".

Our share of wealth took the biggest hit ever when Bush, a republican, was pResident.

"total net worth held by the wealthiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent's share was 74.5 percent".

While the economy stays weak, and unemployment is still very high, the wealthy self-described "job creators" continue to amass even greater wealth, without significantly investing in American jobs. I'd like to point out right here, that the Bush Tax Cuts for the wealthy, which have been in existence for close to 10 years, were touted as being a source of income for the wealthy from which they would create more employment. The Bush tax cuts are a truly an epic fail in every way.

The article in the OP is chock full of very disturbing information. Something is very wrong with America.

[xchrom]

5. The problem w/ the poor & working & now the middle class

Is that they don't have money.

Money, cash - which can extend to credit - credit that you can pay off IF you have money.

Money - and to over simplify - money that is now in the hands of the ruling classes.

[TheKentuckian]

6. This is one of the most important facts to assimilate. Hell, the bottom 80% has well under 10%

of the wealth.

This stuff absolutely must be on people's front burners or little else will matter anyway.

[DearAbby]

7. And the GOP will say, they are the lazy 47% who pay no taxes.

Yeah, I've already heard this shit being said. They can't seem to understand, they are in the lower %-tile, in the scheme of things here.

That black hole at the bottom is getting bigger...There will soon be two classes...the have-more's and the havenot's

[HiPointDem]

8. kr

[Curmudgeoness]

10. And every month, that 1% goes to buy groceries.

People who are in the bottom 50% of wealth need that money all the time. Save a little, the car breaks down, or prices go up, or the kids need new clothes.

[Onlooker]

11. This is obscene

To me this raises the question, What is the point of an economic system? We are all contributors. Is the point to create a game where some people win big and some lose big? Is the point to create some illusion of fairness by which to justify great poverty and great wealth? Is the point simply to follow the set of rules that have been conditioned into us?

I want an economic system that doesn't have severe poverty. I think that's a moral point of view. The way to do that is to offer job training and jobs and hope that generates enough activity in the private sector that fewer jobs will have to offered in the future. Yes, that means that 50% of the American public may end up owning 2 or even 3% of wealth, but still leaves plenty for everyone else. The current situation is obscene.

[fascisthunter]

13. republican voters think it should be less... you know, social engineering

for their masters' benefit.

[felix_numinous]

16. I think we should

just start trading amongst ourselves, and phase out doing business with the banksters. They are not worthy of our trust anymore.