Never Have SO Few Owned SO Much – Where Do You Place in the Wealth Hierarchy? (+2K Views)

[The fact that] the top 1% has prospered incredibly while the bottom 99% have been screwed royally is supported by countless data.  New data show this is a global phenomenon and that even in the worst of economic times the wealthiest make out like the bandits they are, and there are a lot more of them than 1%. [Let’s take a look at what the data actually says.] Words: 781

So reports Joel S. Hirschhorn (www.delusionaldemocracy.com) in an article* for globalresearch.ca which Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has further edited ([ ]), abridged (…) and reformatted below for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

According to the latest Global Wealth Report from Credit Suisse:

According to the latest Forbes list:

• There are 1,210 billionaires in the world.
• It took a net worth of $1.05 billion to make the list of the richest Americans in 2010.

Here are some more data on current high net worth Americans:

• Those with more than $100 million in net worth number 29,000 (about 0.1% of the U.S. population);
• Those with $10 to $100 million, 987,300;
• Those with $5 to $10 million, 1.96 million;
• Those with $1 to $5 million, 26.7 million. 
• The top 1% of Americans (about 3 million) have net worth above about $5 million and they get about 20% of annual national income and have about 33% of national wealth.
• The top 10% (about 30 million) have net worth above about $1 million and account for about 50% of all national consumer spending (which is amazing, think about it).  They have enormous consumer power, adding to their political power.  Those 30 million are a big chunk of the 99%, so don’t expect them to be thrilled with the Occupy movement.  Rhetorically, pitting 99% against 1% works, but understanding that the blood suckers are really 10% is important but still not the whole story.
• Approximately 20% (about 60 million) of households have a net worth of several hundred thousands dollars and, as such, should be considered wealthy [as they] account for an amazing $9 trillion sitting in cash in the nation’s banks. These people probably include most Tea Party activists and the Republican base and unlikely to see the legitimacy of the Occupy movement. Message: The political battle is much harder than it first appears.

My Observations

Some people with moderate incomes, and not just retirees, are also very high net worth individuals, as most of their income is passive (i.e. interest and dividends) rather than wages of any kind.  Being wealthy, in other words, is best seen in terms of net worth rather than income data.

50 percent of Americans make less than $26,000 a year.

Some rich Americans…strongly support the Occupy movement, including a number from the entertainment world who clearly are part of the wealthy upper class.  Like others, they understand that:

• opposition to a grossly unfair capitalistic system designed primarily to benefit a few is not the same as rejection of capitalism that serves the interests of the many and the nation, allowing wealth to be shared (like it was from 1950 to 1980). 

Note that corporate profit as a share of the economy is at a 50-year high.

Conclusion

Rebellion is needed.  Fighting economic injustice and greed is long overdue. 

Now you know: Delusional democracy breeds delusional prosperity.  This is what the Occupy movement is all about.  Help make it a success by supporting the petition at getmoneyout.com.

*http://www.globalresearch.ca/PrintArticle.php?articleId=27286

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