Rural Americans are less optimistic about their financial future than those living in urban or suburban areas: 63% of adults in rural areas who report they don't currently have enough income to lead the kind of life they want also say they don't expect to in the future, according to Pew. Together they make up the Top 10%—a small group with a very large slice (71%) of the wealth pie. Should unearned gains go to the few hundred richest Americans or to the millions of American households who have lost their means of support?The numbers are shocking. Support Truth. ", (With median income would take 62,000 years to catch Trump, who is worth $3.1 billion, according to Forbes.). As Alexandria Ocasio-Cortez says, "No one ever makes a billion dollars. So while wealth inequality "was clearly bad several years ago as well," this year's voters have different expectations, Khan says. (President from 1901 to 1909, Roosevelt entered office during the "Gilded Age," another era in American history defined in part by extreme wealth inequality between industrial workers and "robber barons" like John D. Rockefeller and J.P. Morgan. We're offering AlterNet ad-free for 15% off - just $2 per week. Taken together, the voting cohort of Gen Z voters and millennials (born between 1981 and 1996) form the largest voting block, Khan points out — a projected 37% of voters. Wealth inequality, also known as the wealth gap, is the unequal distribution of assets … (Bloomberg is worth $60 billion, according to Forbes.) Brookings agrees, adding that "the costs of the pandemic are being borne disproportionately by poorer segments of society. NY prosecutors zeroing in on Donald Trump Jr. amid probe into Trump Organization: report, Legal expert warns the Supreme Court has left a 'ticking time bomb' under American democracy, Cruz's Cancún text message fiasco just keeps getting hilariously worse, Alexandria Ocasio-Cortez had a perfect reply to Marjorie Taylor Greene's fearmongering about a pro-LGBTQ bill, 'I will not be lectured': Fireworks erupt in House hearing over embattled Postmaster General DeJoy, Adam Kinzinger torches Tucker Carlson for insisting he cannot 'locate the famous QAnon', Why QAnon followers have become fixated on a new date: March 4, ‘He knew what he hit and he lied’: South Dakota AG facing calls to resign as new evidence surfaces in fatal car accident. Younger voters haven't known boomer-generation stability, he says. Nearly 26 million adults -- one in nine -- have reported that their households sometimes or often lacked food. Why the economic inequality gap is widening, Billionaire Warren Buffett says 'the real problem' with the US economy is people like him, 23 Black leaders who are shaping history today, Doomsday preppers spend on survival kits, emergency food supplies and shelter, Amex launches a $200 statement credit offer for the Amex Blue Cash Everyday Card, to catch Trump, who is worth $3.1 billion, Markets and Politics Digital Original Video, coronavirus outbreak have kept stocks volatile in recent days. Try AlterNet All-Access for just $1. All Rights Reserved. A similar trend holds for the top 10% wealthiest individuals, who owned 67% of total wealth in … The reassurance that a rising tide would lift all boats rings hollow after a series of recessions left so many stuck in the mud. After plunging at the start of the pandemic, by November of 2020 it had risen to $38 trillion. Another way of measuring inequality is to look at household wealth, also known as net worth, or the value of assets owned by a family, such as a home or a savings account, minus outstanding debt, such as a mortgage or student loan. As millions of Americans end 2020 sick, jobless, hungry, indebted, or at risk of losing their homes, it’s unimaginable that at the other end of the spectrum, the wealthy, shielded from much of this misfortune, became even richer this cursed year.. "Inequality is rising as a political issue because it keeps getting greater," Paul Begala, a Democratic strategist and former adviser to President Bill Clinton, tells CNBC Make It. From March 31 through Sept. 30, the overall wealth of Americans in … It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Amy Klobuchar shuts down a GOP senator spreading a 'conspiracy theory' at the Capitol riot hearing. You take a billion dollars. In 2019, the Top 1% held one-third of all wealth.
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