US income and wealth by percentile – 2 graphs
“Household Income by Percentile, for the time period 2019 to 2020. The open circle represents an estimate of income in the top percentile, including income gains for billionaires reported in April 2020.”
Source: Rhys McCarney – https://medium.com/@rhys.mccarney/wealth-inequality-the-gini-coefficient-and-the-pandemic-economy-fbc6a19bdd43
“Each point represents the wealth of one household in the approximate middle of the percentile.”
Source: Rhys McCarney – https://medium.com/@rhys.mccarney/wealth-inequality-the-gini-coefficient-and-the-pandemic-economy-fbc6a19bdd43
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Please read Piketty. Capitalism is designed and intended to create inequality of wealth and income. Capitalism is based in and operates according to ideology. Nothing about what is represented in these graphs is the result of chance.
Capitalism is based on the thousands of years old notion that ‘cream rises to the top.’ That the best of humans will always take charge and be in control of society. The first fight is always over which best (intelligence, most humane, religious, physically strongest, richest, craziest, etc.) we should choose. And secondly, who and how is the decision made that one form of control is failing and must be replaced with another? The notion underlying capitalism is that those who do well in market economics should lead society. The belief is wealth and income are perfectly correlated with leadership success. The correlation is at best intermittent and partial, historically but the faith in it by devotees is often near unbreakable.
Faith in the idea that the rich should rule is an entirely new idea that cannot be accepted on the grounds that vested interests rule to their own advantage. A ruling class must be christian gentlemen or classically educated.