categoryMenu_new
 
  Home
  EXTRAORDINARY AH Teaching from Spiritual Hierarchy
  AbundantHope
  NEW READERS! Read Here First
  Supporting AH
  Leadership of AbundantHope
  Announcements
  Regional AH Sites
  Other Sites with AH material
  Contact Us
  Becoming A Messiah
  OUR PUBLIC FORUM IS OPEN TOO ALL
  Mission Ideas
  System Busting
  Cleric Letter/English
  Translations of Cleric Letter
  AH Member Writings
  Candace
  Ron
  Rosie
  Jess
  Brian's Poetry
  James
  Giuseppe
  Esteban
  Telepathic Messages
  Candace
  Jess Anthony
  Vince
  Leonette
  John
  Adam
  Bela
  Joyce
  Hazel
  Kibo
  Peter
  Rosie
  Johan
  Lucia
  Lucia G
  Rubens
  Shellee-Kim
  Ben
  Dorothea
  Solon
  Others
  Targeted Messages
  Hano
  Light Flower
  Changing The Face Of Religion
  - Phoenix Journals - PDF in German
  Candace on Religion
  Other Spiritual Pieces
  Spiritual Nuggets by the Masters
  Phoenix Journals
  Phoenix Journals - PDF
  Telepathic Messages PDF books
  Selections from the Urantia Book
  Illustrations For The Urantia Book
  CMGSN Pieces
  THE WAVE
  Environment/Science
  David Crayford and the ITC
  Health and Nutrition
  Podcasts, Radio Shows, Video by AH
  Political Information
  True US History
  Human/Animal Rights
  The Miracle That Is Me
  Education
  Resources
  911 Material
  Books - eBooks
  government email/phone #'s
  Self Reliance
  Video
  Websites
  Alternative News Sources
  Art and Music
  Foreign Sites
  Health and Healing
  Human/Animal Rights
  Scientific
  Spiritual
  Vegan Recipes
  Translated Material
  Dutch
  Gekanaliseerde berichten Jess
  Gekanaliseerde berichten Candace
  Gekanaliseerde berichten Anderen
  Artikelen/berichten
  French
  Canal Jess
  Par Candace
  Other Channels
  Articles
  German
  Telepathische Nachrichten (Candace)
  Telepathische Nachrichten (Jess)
  Telepathische Nachrichten (div.)
  AH Mitgliederbeiträge (Candace)
  AH Mitgliederbeiträge (Jess)
  Spirituelle Schätze
  Italian
  Translations - Candace
  Translations - Jess
  Translations - Others
  Portuguese
  by Candace
  By Jess
  By Others
  Spanish
  Anfitriones Divinos
  Bitácoras Fénix
  Creadores-de-Alas (WingMakers/Lyricus)
  Escritos de Candace
  Escritos de Otros
  Monjoronsón
  Telemensajes de Candace
  Telemensajes de Jess Anthony
  Telemensajes de Otros
  Chinese
  By Candace
  By Jess
  By Others
  Korean Translations
  Hungarian Translations
  Swedish Translations

Search
[an error occurred while processing this directive]
Political Information : True US History Last Updated: Nov 10, 2019 - 5:08:18 AM


America's Richest 1% Now Own As Much Wealth As The Middle And Lower Classes Combined
By Tyler Durden
Nov 9, 2019 - 6:32:52 PM

Email this article
 Printer friendly page Share/Bookmark

https://www.zerohedge.com/economics/americas-richest-1-now-own-much-wealth-middle-and-lower-classes-combined

 

Two weeks ago we pointed out that even as (or rather, because) stocks hit daily all time highs, we now have mass public unrest (on and off) in: France, Spain, Algeria; Iraq: Lebanon; Egypt; Russia; Hong Kong; Venezuela; Chile; Ecuador; and Bolivia.

The is a simple reason for this social anger: an unprecedented wealth and income divide as a result of constant central bank interventions in capital markets, which have made upward social mobility virtually impossible and stagnant wage growth the norm, and nowhere more so than in the US, where as Bloomberg reports citing the latest Fed data, "one-percenters" now hold almost as much wealth as the middle- and upper-middle classes combined, as a result of the relentless ascent in stocks which added another $1 trillion in market value in just the past week, bringing the total to $82.7 trillion.

Here are the facts: as the NBER recently reported, in 2016 the richest one percent of households held more than half of all outstanding stock, financial securities, trust equity, and business equity, and 40 percent of non-home real estate. The top 10 percent of families as a group directly owned over 93% of all stock and mutual fund ownership.

Moreover, despite the fact that almost half of all households owned stock shares either directly or indirectly through mutual funds, trusts, or various pension accounts, the richest 10 percent of households controlled 84 percent of the total value of these stocks, though less than its 93 percent share of directly owned stocks and mutual funds.

And with the stock market soaring to new highs, it will hardly be a surprise that the "top 1%" of American households have enjoyed huge returns in the stock market in the past decade, ironically enough using data from the Federal Reserve, which is directly responsible for this unprecedented wealth distribution. And, as Bloomberg notes, "those fat portfolios have America's elite gobbling up an ever-bigger piece of the pie."

In specific terms, this means that the very richest 1% had assets of about $35.4 trillion in the second quarter, or just shy of the $36.9 trillion held by the tens of millions of people who make up the 50th percentile to the 90th percentile of Americans -- much of the middle and upper-middle classes.

Commenting on this unprecedented wealth divergence that was last observed a few years before World War II, Lakeview Capital's chief market strategist Stephen Colavito said that people can't get much of a return on certificates of deposits and other passive investments, "so they've pumped money into stocks and propped up the market overall."

Actually, the one who is "propping up the market overall" is the Fed, which following a mini repo market crisis sparked by JPMorgan launched "NOT QE", and injected $280 billion in fresh liquidity in just the past two months, pushing the Fed's balance sheet above $4 trillion for the first time since February.

At this point, wealth becomes a feedback loop: "The wealthier that the wealthy get, the more opportunity they have," Colavito said.

It's also why angry populist movements have become an ever more powerful force on both the left and right, demanding either wealth redistribution, higher taxation of outright punishment of those billionaires who have benefited from the Fed's artificial levitation of the stock market. In many countries around the globe, this anger has spilled over on the streets as millions protest for social change, on many occasions with violence.

Their anger is only set to grow, because as Bloomberg notes it may not be long before "1-percenters" surpass the middle and upper-middle classes combined. Household wealth in the upper-most bracket grew by $650 billion in the second quarter of 2019, rising to $35.5 trillion, while Americans in the 50th to 90th percentiles saw a $210 billion gain.

One step below the top 1%, those Americans in 90th to 99th percentiles, still control the biggest share of wealth, with $42.6 trillion in assets.

What about the bottom end of US society? Well, if the super rich own almost all stocks, the "bottom 90%", i.e., 90% of the entire US population, owns the vast majority of debt, some 72.4% of the total pile.

There is one final twist: the wealthy vs poor conflict is increasingly being drawn along age groups: Baby Boomers born between the end of the Second World War and 1964 currently hold wealth that was 11 times higher than that of millennials as of the second quarter.

So how are millennials protesting this unfair age wealth divide? Are they rioting, becoming political activists and voting in droves, unionizing or participating in mass labor strikes? None of the above: after all, even refusing to work is apparently too much work; instead America's youth has flooded social media with the pinnacle of passive-aggressive revolt in the form of the now ubiquitous "OK Boomer."

We doubt the Boomers are losing too much sleep over this rebellion by the avocado toast generation.

[Colour fonts and bolding added.].




All writings by members of AbundantHope are copyrighted by
©2005-2019 AbundantHope - All rights reserved

Detailed explanation of AbundantHope's Copyrights are found here


Top of Page

True US History
Latest Headlines
Trump Signs Order Interpreting Judaism As A Nationality And Race
Operation Condor 2.0 – “Expanded”
Trump Impeachment Meant To Stop Populist Storm In Britain Becomes Epic Fail
Globalist Scumbag John Roberts is Responsible for All 11 FISA Court Judges and for the Illegal Spying Conducted on Trump and Other Americans
Trump Shuts Down WTO Appeals Court, Sending EU, China Scrambling For 'Plan B'
Trump “Spring Spectacular” Said Is Reason US Continues To Block Release Of Secret Documents Proving No Russia Collusion
Ukrainian Official Reveals Six Criminal Cases Opened in Ukraine Involving the Bidens
Trump Wins Bombshell Victory After US Supreme Court Orders Mothers To Listen To Heartbeats Of Their Babies Before Abortion
Dirty Vaccines Are Proof That The Risks Outweigh The Benefits
Every Bubble Eventually Finds Its Pin
Pearl Harbor: Hawaii Was Surprised; FDR Was Not 2
Democrats Hate Russia, Republicans Hate China – the New Divide in America’s Ruling Class
Think of the Children! Open-Borders Fanatics' Hysterical Campaign Against Immigration Enforcement (ICE)
Congress Still Covering for the Fed’s Bailouts
AWK News DEC 4: When do the TRIALS for [DS] #treason begin?
AWK DEC 7 News: Punishment is coming to the [DS]! PANIC in DC!
‘Drag Queen Story Hour’: Jewish Groups Pushing Cross-Dressing Psychopaths on Children
Psy Ops Goes Mainstream (fixed audio)
Pro-Abortion Pelosi's Convenient Catholicism
The Hidden Powers Behind the Destruction of America