A Class Society – Distribution of Financial Wealth
Here is a graphic presentation of the distribution of financial wealth in the US. (Data obtained from this highly recommended site.)
In the realm of political economy, this picture is certainly worth over a 1,000 words. Is there any question who rules? When we hear calls to cut back on worker retirement and medicare, can there be any doubt whose interests are behind the shouts? Which group do you think would be most interested in a strong surveillance state? Why are we endlessly faced with devisive wedge issues unrelated to the economic well being of the majority? The questions this graph answers can go on and on.
Interestingly, the share of wealth for the 10% tranche just above the bottom 80% seems reasonable. The serious mismatch is in the top 10% and especially the very top two tiers.
We live in a class society and any worthwhile socio-economic analysis must begin with this recognition.