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Fri May 24, 2019, 02:41 PM

The richest 10% of households now represent 70% of all U.S. wealth

Source: Marketwatch



The rich are getting richer. It is a refrain that has certainly been uttered before, and likely will again, as Deutsche Bank’s chief economist points out that the gap between the haves and have-nots in the U.S. is, indeed, widening.

Deutsche Bank’s Torsten Sløk says that the distribution of household wealth in America has become even more disproportionate over the past decade, with the richest 10% of U.S. households representing 70% of all U.S. wealth in 2018, compared with 60% in 1989, according to a recent study by researchers at the Federal Reserve.

The study finds that the share of wealth among the richest 1% increased to 32% from 23% over the same period, the study found.

To make a finer point, Fed researchers say the increase in wealth among the top 10% is largely a result of that cohort obtaining a larger concentration of assets: “The share of assets held by the top 10% of the wealth distribution rose from 55% to 64% since 1989, with asset shares increasing the most for the top 1% of households. These increases were mirrored by decreases for households in the 50-90th percentiles of the wealth distribution,” Fed researchers said.

Read more: https://www.marketwatch.com/story/the-richest-10-of-households-now-represent-70-of-all-us-wealth-2019-05-24?mod=mw_latestnews



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Reply The richest 10% of households now represent 70% of all U.S. wealth (Original post)
UpInArms May 24 OP
FakeNoose May 24 #1
ffr May 24 #2
UpInArms May 24 #3
ffr May 24 #4
Kid Berwyn May 25 #5
moondust May 25 #6
EarthFirst May 25 #7
Princetonian May 25 #8
muriel_volestrangler May 25 #9
Princetonian May 26 #13
drray23 May 25 #11
Princetonian May 26 #12
appalachiablue May 25 #10
ck4829 Jun 13 #14

Response to UpInArms (Original post)

Fri May 24, 2019, 03:28 PM

1. That dark-blue area is the disappearing middle class

We have Ronald Reagan to thank & blame for this.

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Response to UpInArms (Original post)

Fri May 24, 2019, 05:35 PM

2. More contrasting visions. Republicans v. Democrats. Looks like rich republicans are winning

and everyone else, including poor republicans, are losing.

And yet, they support the GOP goons.

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Response to ffr (Reply #2)

Fri May 24, 2019, 07:17 PM

3. I always thought it was similar to

“Roaches for Raid”

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Response to UpInArms (Reply #3)

Fri May 24, 2019, 10:49 PM

4. I've not heard that one, but I like it!

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Response to UpInArms (Original post)

Sat May 25, 2019, 01:38 AM

5. 41 Years of Trickle Down Economics will do that.

Throw in some red ink austerity to justify cutting public education and social programs and pretty soon they’ve set the stage for Putin’s Puppet, Diaper Donald the First.

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Response to UpInArms (Original post)

Sat May 25, 2019, 08:13 AM

6. The Ownership Society

No more hard work! No more tiresome job searches! No more years spent learning how to do anything! Leave all that to the poor schmucks! Just inherit a fortune and "own" stuff to keep getting richer and richer and richer while you sail around the Bahamas sipping fruity liqueurs in your new, bigger yacht! The Republican Dream!


(Offer does not apply to non-silver spooners who should not quit their day jobs.)

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Response to UpInArms (Original post)

Sat May 25, 2019, 10:50 AM

7. Start erecting guillotines in the areas of highest concentrations of wealth...

Put them on notice!

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Response to UpInArms (Original post)

Sat May 25, 2019, 12:31 PM

8. What do they mean by top 10%? Household yearly income?

Just curious.

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Response to Princetonian (Reply #8)

Sat May 25, 2019, 12:45 PM

9. Household net worth

Not surprising, since that's what's being shown on the Y axis. Here's the report: https://www.federalreserve.gov/econres/feds/files/2019017pap.pdf

The net worth includes things like pension assets (including an equivalent for defined benefit pensions), with things like student debts subtracted (so it's quite possible for someone recently out of college to have a significant negative net worth).

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Response to muriel_volestrangler (Reply #9)

Sun May 26, 2019, 08:34 AM

13. Haha

You zinged me there.

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Response to Princetonian (Reply #8)

Sat May 25, 2019, 02:16 PM

11. if you go by net worth:

https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/

to be in the top 10% your net worth has to be about 1.182 millions.
retirement accounts+savings+cars+real estate minus debts and mortgage, etc..

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Response to drray23 (Reply #11)

Sun May 26, 2019, 08:33 AM

12. Thanks for the detailed info at that link.

I hope the next Democratic President will repeal the Trump tax cuts for the wealthy and go back to Obama-era tax plans, especially regarding mortgage interest deductions.

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Response to UpInArms (Original post)

Sat May 25, 2019, 01:33 PM

10. K & R. Impt. info. folks.

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Response to UpInArms (Original post)

Thu Jun 13, 2019, 07:07 AM

14. Kick

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