~ General
Augusto Pinochet of Chile
He's not the only one ...
Earlier this year, a Harvard economist’s jaw-dropping study of American’s beliefs about the distribution of American wealth became a viral video.
According to the Harvard study, most people believe that the top 20 percent of the country owns about half the nation’s wealth, and that the lower 60 percent combined, including the 20 percent in the middle, have only about 20 percent of the wealth.
A whopping 92 percent of Americans think this is out of whack; in the ideal distribution, they said, the lower 60 percent would have about half of the wealth, with the middle 20 percent of the people owning 20 percent of the wealth.
What’s astonishing about this is how wrong Americans are about reality. In fact, the bottom 80 percent owns only 7 percent of the nation’s wealth, and the top 1 percent hold more of the country’s wealth – 40 percent – than 9 out of 10 people think the top 20 percent should have. The top 10 percent of earners take home half the income of the country; in 2012, the top 1 percent earned more than a fifth of U.S. income – the highest share since the government began collecting the data a century ago.
Earlier this year, a Harvard economist’s jaw-dropping study of American’s beliefs about the distribution of American wealth became a viral video.
According to the Harvard study, most people believe that the top 20 percent of the country owns about half the nation’s wealth, and that the lower 60 percent combined, including the 20 percent in the middle, have only about 20 percent of the wealth.
A whopping 92 percent of Americans think this is out of whack; in the ideal distribution, they said, the lower 60 percent would have about half of the wealth, with the middle 20 percent of the people owning 20 percent of the wealth.
What’s astonishing about this is how wrong Americans are about reality. In fact, the bottom 80 percent owns only 7 percent of the nation’s wealth, and the top 1 percent hold more of the country’s wealth – 40 percent – than 9 out of 10 people think the top 20 percent should have. The top 10 percent of earners take home half the income of the country; in 2012, the top 1 percent earned more than a fifth of U.S. income – the highest share since the government began collecting the data a century ago.
I wonder if this sort of statistic 'has been always so' or is the result of recent decades.
ReplyDeleteThat is an interesting question. For some information, you might want to check out: http://www2.ucsc.edu/whorulesamerica/power/wealth.html
ReplyDeleteand this article, reference in the above paper:
http://www.theatlantic.com/business/archive/2012/09/us-income-inequality-its-worse-today-than-it-was-in-1774/262537/