Call it what you may, there is disadvantage for those in the middle class, poor and below poverty. It is out of balance...
Eleven charts that explain what's wrong with America.
Want more charts like these? See our charts on the secrets of the jobless recovery, the richest 1 percent of Americans, and how the superwealthy beat the IRS.
More Mother Jones charty goodness: How the rich get richer; how the poor get poorer; who owns Congress?
How Rich Are the Superrich?
A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.
Note: The 2007 data (the most current) doesn't reflect the impact of the housing market crash. In 2007, the bottom 60% of Americans had 65% of their net worth tied up in their homes. The top 1%, in contrast, had just 10%. The housing crisis has no doubt further swelled the share of total net worth held by the superrich.
Winners Take All
The superrich have grabbed the bulk of the past three decades' gains.
Out of Balance
A Harvard business prof and a behavioral economist recently asked more than 5,000 Americans how they thought wealth is distributed in the United States. Most thought that it’s more balanced than it actually is. Asked to choose their ideal distribution of wealth, 92% picked one that was even more equitable.
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Capitol Gain
Why Washington is closer to Wall Street than Main Street.
| member | max. est. net worth |
|---|---|
| Rep. Darrell Issa (R-Calif.) | $451.1 million |
| Rep. Jane Harman (D-Calif.) | $435.4 million |
| Rep. Vern Buchanan (R-Fla.) | $366.2 million |
| Sen. John Kerry (D-Mass.) | $294.9 million |
| Rep. Jared Polis (D-Colo.) | $285.1 million |
| Sen. Mark Warner (D-Va.) | $283.1 million |
| Sen. Herb Kohl (D-Wisc.) | $231.2 million |
| Rep. Michael McCaul (R-Texas) | $201.5 million |
| Sen. Jay Rockefeller (D-W.Va.) | $136.2 million |
| Sen. Dianne Feinstein (D-Calif.) | $108.1 million |
| combined net worth: | $2.8 billion |
Congressional data from 2009. Family net worth data
from 2007. Sources: Center for Responsive Politics; US Census; Edward
Wolff, Bard College.
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Who's Winning?
For a healthy few, it's getting better all the time.
YOUR LOSS,THEIR GAIN
How much income have you given up for the top 1 percent?
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WANT MORE CHARTS LIKE THESE?
See our charts on the secrets of the jobless recovery, the richest 1 percent of Americans, and how the superwealthy beat the IRS. Some samples:YOU HAVE NOTHING TO LOSE BUT YOUR GAINS
Productivity has surged, but income and wages have stagnated for most Americans. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.
MEET THE ELITE
ONLY LITTLE PEOPLE PAY TAXES
Sources
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