I attended a lecture

I attended a lecture at university yesterday.
Lecturer explained the American financial history
introducing the video “Inside Job” by Charles Ferguson.
When the gap between rich and poor is wide, the society becomes unstable.
 Reading handout, American society is crazy.
The top 1% earns 1/4 income of all in USA.
Just before the Great Depression, the top 1% earned 23.9% of all income.
Then 2007, the ratio reached about the same 23.5% again!
The top 10% accounts for over 70% of all American wealth.  Wow!
American dream is a dream.  
It seems that social mobility is low in unequal country.

2 thoughts on “I attended a lecture

  1. I have seen these numbers before, but there is more to the story than that.
    WHO are the top 20% of Americans? Upper Middle Class Americans: Physicians (Doctors), lawyers, economists, urban planners, University professors, High school Teachers, architects, psychologists, scientists, engineers, optometrists, dentists, pharmacists, high-level civil servants, small business owners and the intelligentsia.. Also in the top 20%: Government officials and contractors, Hollywood (actors, directors, etc.), banking professionals, real estate (people who buy/sell property).
    That’s a LOT of different people! And they usually have high levels of education.

    In 2007, Households in the top quintile (i.e., top 20%), 77% of which had two or more income earners, had incomes exceeding $91,705 (Per Year). That means if they were Japanese, 9,170,500 yen per year. (If I’m adding my zeroes right.) Keep in mind there’s more than one person making that money.

    Also, who pays most of the taxes? http://www2.ucsc.edu/whorulesamerica/power/images/wealth/Share_of_income_earned_and_taxes_paid.gif
    You’ll notice the term “weath” and “income”(pay) do not mean the same thing.
    Wealth includes what you own, stocks, etc.

    If you look at the top 1%, which is who all the protesters complain about, the actual SHARE of wealth has not changed much. http://www2.ucsc.edu/whorulesamerica/power/images/wealth/Wealth_distribution_over_time.gif

    So, while the top 20% have most of the wealth, they earned it and pay more taxes.

    Also, about HALF of Americans pay NO income taxes. http://money.cnn.com/2009/09/30/pf/taxes/who_pays_taxes/index.htm http://cdn.theatlantic.com/static/mt/assets/business/tax%20graph2.png
    Many of those will get low-income assistance as well, which means they are paid to be poor.

    So, it’s not as easy as many make it out to be. Me? for now, in the LOWER 20%, but graduate in Spring with a Bachelor of Science degree. Starting pay in my field? about $40,000.

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