US: 50% own 2.5% of wealth. 10% own 71.5%.

[cyu]

Are you among the 50% of Americans that own 2.5% of the wealth? Are you among the 10% that own 71.5% of the wealth? If not, that leaves 26% of the wealth for "everyone else".

Article: http://www.socialist.net/inequality-grows.htm

[mykittyhasaboner]

Old news, new statistics. Nevertheless its good to be up to date.

[RedSonRising]

That is worse than I thought.

[Kassad]

Hi, my name is capitalism. Nice to meet you.

[STJ]

The rich keep getting richer and the poor keep getting poorer in this country.

[TheCultofAbeLincoln]

The United States of America is the greatest capitalist economy in the world. What does capitalism bring? Does it bring better standards of living? Does it bring happiness? Does it bring justice and fairness? Those questions have been answered elsewhere, but the short answer is ‘no’. But one thing it definitely does not bring is equality of income and wealth.

This is a tad misleading and one-sided in my opinion. Yes, America is becoming increasingly polarized, nobody can doubt that. However, to say that hasn't brought better standards of living, even to someone earning $30k, with at least one dependent, a year and nowhere near those top percentiles is a bit of a stretch.

Keep in mind that the world's largest single group of income earners is those earning less than $2/day (I believe). With this in mind, if you own a car you're one of the wealthier people on the planet from that asset alone, and the Census Bureau states that almost 75% of people classified as "Poor" own at least one vehicle, and 30% own two or more. Also, 46% of "Poor Americans" own their home.

Living standards have improved drastically for the vast majority of American society over the last half century, even for those who don't have the opulent living standards of the top percentile.

For your information, I meet the definition of "poor american," as do 35 million others. Yet I have a car, a house, and more living space then the average person living in Paris or Vienna, a metropolitan area with quite a few less people than Dallas (but probably a lot prettier).

I'm not denying that there are a big chunk of truly impoverished people in the US, especially in rural areas. Indian reservations come immediately to mind, for example.

However, to say that it hasn't brought 'higher standards of living' is just misleading propaganda. What does that suggest, were, overall, living conditions better a few generations ago? The simple answer to that is Hell No.

[manic expression]

For your information, I meet the definition of "poor american," as do 35 million others. Yet I have a car, a house, and more living space then the average person living in Paris or Vienna, a metropolitan area with quite a few less people than Dallas (but probably a lot prettier).

Comparing living space in the US to Europe is pretty disingenuous. Europe is far more urban than the US in general. The Dallas/Fort Worth area is damn spread out for a "metropolitan area", especially when compared to the likes of Paris and Vienna. Just because you have a bigger house/apartment/backyard doesn't mean you're not threatened with unemployment, doesn't mean you're having trouble filling your gas tank, doesn't mean your real wages aren't dropping. American working people have been seeing their living standards and buying power drop and drop and drop, and you point to your car. You have a car because in most cases, it's impossible to live in America without one.


I'm not denying that there are a big chunk of truly impoverished people in the US, especially in rural areas. Indian reservations come immediately to mind, for example.

However, to say that it hasn't brought 'higher standards of living' is just misleading propaganda. What does that suggest, were, overall, living conditions better a few generations ago? The simple answer to that is Hell No.

"Higher standards of living" compared to what? Twenty years ago? Nope. American working-class people have been getting their a**es kicked for decades, and living standards have, in fact, been going down for the former "middle class". Unemployment, union representation, inflation, housing prices, it's all been getting worse. You simply can't deny the fact that real wages for the majority of Americans have consistently dropped for more than two decades, even in times of so-called "growth".

Most importantly, when you look at the few remaining luxuries available to American workers, remember that those had to be conquered by unions, and it came with a fight. Bosses gave concessions not because they wanted to help their American compatriots, but because they were pushed to it by their workers, who organized because they knew they had to demand what they needed.

[TheCultofAbeLincoln]

I'm sorry, I don't have a lot of time, however, poverty levels have decreased in the last 20 years.

Do you have a link to the source for real wages decreasing? And/or living standards?

It would be most appreciated. Thanks in advance.

[mykittyhasaboner]

I'm sorry, I don't have a lot of time, however, poverty levels have decreased in the last 20 years.

Do you have a link to the source for real wages decreasing? And/or living standards?

It would be most appreciated. Thanks in advance.

http://www.workinglife.org/wiki/Wages+and+Benefits:+Real+Wages+(1964-2004)
(http://www.workinglife.org/wiki/Wages+and+Benefits:+Real+Wages+%281964-2004)

[manic expression]

You got it:

2007:
http://www.epi.org/publications/entry/ib240/

2006 (against a rise in productivity):
http://www.nytimes.com/2006/08/28/business/28wages.html

Real wages in weekly earnings, 1964-2004
http://www.workinglife.org/wiki/Wages+and+Benefits:+Real+Wages+(1964-2004) (http://www.workinglife.org/wiki/Wages+and+Benefits:+Real+Wages+%281964-2004%29)

If you take this into account along with rising housing prices, rising gas prices (fluctuating, but it still costs a hell of a lot), rising food prices*, it's easy to see that the American working-class family isn't doing too hot right now. That's before we talk about recent layoffs.

*Food prices:
http://www.usatoday.com/money/industries/food/2008-02-21-food-inflation_N.htm

[S.O.I]

The rich keep getting richer and the poor keep getting poorer in this country.

ORLY? 0v0

thats interesting, tell us more!

[cyu]

to say that it hasn't brought 'higher standards of living' is just misleading propaganda.

So what do you attribute that to? Capitalism? I would say it's more the result of what democracy the US has than the amount of capitalism it has. The more democracy wins out against capitalism in your country, the better off your people tend to be. The more capitalism wins out over democracy in your country, the worse off your people tend to be.

[BlackCapital]

The "democracy" in the U.S. is at best illegitimate, because its only democracy of the dollar. Obviously special interests and dominant economic forces set the agenda for the most part through the parties and individual politicians. If enough of the population gets heated over an issue and organizes it will usually result in a lobby, which is funded by the massive base of support it has. I would say that is about the extent of a capitalist democracy.

The overwhelming majority of concessions made by capitalists to workers have clearly been because of the struggles of the unions and social mobilization, and is the primary reason for whatever increases in standards of living are gained (which have been none in recent years, as was pointed out).

[Sendo]

the argument that living standards have improved under capitalism and is therefore "not that bad" is like saying living standards improved under slavery from 1800 - 1850 in the Dixie states.

Of course with time living standards for all should go up, but even that will be beaten back by health care costs, environmental/food degredation, job insecurity, etc.

This also ignores the fact of inequality. I'd rather lose the internet and all digital stuff if the wealth were spread equally and indusrty and farming and education were completely worker/citizen-run. Having token prizes like computers are nice, but autonomy and freedom are pricless.