Friday, May 9, 2008

how much $$$$$$$$$$$$$$$$$$$$'s did you want?

Like the adage When it Rains, it Pours. Well rainy season has begun in the swamp, but for most folks it's not green. We all know somehow but few can wrap their heads around the numbers of the wealth/income distribution in the usa. If you are a visual person "the L-Curve" chart will bring the point home. Best to sit down for this cause it's not promising... trends don't suddenly change direction. Just another forbidden truth.

The top one percent are now estimated to own between forty and fifty percent of the nation's wealth, more than the combined wealth of the bottom 95%.)

Wealth distribution in the U.S. is extremely concentrated, much more so than income. These statistics, on the other hand, only hint at the L-Curve phenomenon because the top 1% isn't scrutinized in sufficient detail. Still, compare the net worth of the top half of the top 1% with the bottom half of the top 1%! If you add them together and proportion them out, 3/4 of the wealth in the top 1% is actually in the top 0.5%.

Our consolation is the very wealthy are no smarter than you and me, they are just luckier.

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