Home > inequality, The Economy > For the bottom 60 percent of households in the US, wealth declined from 1983 to 2010 (chart).

For the bottom 60 percent of households in the US, wealth declined from 1983 to 2010 (chart).

from David Ruccio

wealth 1983-2010

The chart, from the twelfth edition of the State of Working America, highlights the increase in wealth inequality grom 1983 to 2010 by showing how different groups in the wealth distribution accumulated which portion of the increase in household wealth during that period.

Nearly 40 percent (38.3 percent) of the increase in average household wealth during that period accrued to the top 1 percent, and nearly three-fourths (74.2 percent) accrued to the top 5 percent of the distribution. For the bottom 60 percent of households, wealth declined from 1983 to 2010.

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Categories: inequality, The Economy
  1. BC
    December 18, 2012 at 7:07 pm

    Please note that the top 1-10% of US households own 85% of all US financial wealth, the top 20% own 93%, and the bottom 80% hold 7% of financial wealth.

    The overwhelming share of “wealth” presumably owned by the bottom 80% is/was in the form of residential unreal estate equity, which is actually, in fact, the equity of the lien holder(s), not the mortgage debtor. The debtor must borrow “his money” at compounding interest from the lender to realize purchasing power of “his money”.

    Now that the unreal estate bubble has burst and federal gov’t has become the lien holder of mortgage debt of last resort, a majority of US mortgage (land price) debtors are akin to modern-day peasants “bound to land” by their own gov’t with a claim of 3-4 times the mortgage debtor’s labor income in perpetuity.

    The US (and English-speaking world) is due radical land and labor (tax code) reform to overthrow the private rentier oligarchic landlordism enabled and enforced by the imperial corporate-state.

  2. Podargus
    December 19, 2012 at 7:57 am

    It appears that Madame Guillotine needs another outing.

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