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Top 1% of u.s. earners now have more wealth than the middle class (media.mas.to)
submitted 10 months ago by yogthos@lemmy.ml to c/us_news@lemmygrad.ml
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cross-posted from: https://lemmy.ml/post/9299269

https://www.usatoday.com/story/money/2023/12/06/top-1-american-earners-more-wealth-middle-class/71769832007/

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[-] NeelixBiederman@hexbear.net 21 points 10 months ago

Put another way: 3.5 million people control more wealth than 210 million people. Each individual of those 3.5 million owns as much as 60 "middle classers" combined.

Lastly, according to this graphic, the top 1% and 60% of middle income earners account for only ~51% of the nation's wealth? There's no way the bottom 39% control 49% of the wealth, so where tf is it? Something's fucky

[-] Shinhoshi@lemmygrad.ml 14 points 10 months ago* (last edited 10 months ago)

They defined middle class as the top 80% that are not in the top 20%, not “60% of middle income earners”.

I’m guessing your missing wealth is in the top 20% that aren’t in the top 1%

[-] NeelixBiederman@hexbear.net 6 points 10 months ago

Ah ok, so top income earners from 2-19% would account for that 39%. Seems right.

https://youtu.be/QPKKQnijnsM?si=uX5nOhWhyStz7VaB this is my basis for comparison. Still one of the best "income inequality explained" videos of all time

[-] TankieReplyBot@lemmygrad.ml 2 points 10 months ago

I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy:

this post was submitted on 14 Dec 2023
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