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ProfessorGAC

(74,924 posts)

7. In 1970, The Middle Class Held...

Sat Oct 16, 2021, 03:34 PM

Oct 2021

...62% of the total wealth of the US. (Middle class defined as the middle 60% around the median household income.)
In 2020, it was 43%.
In 50 years, the middle class lost 19% of their share of total wealth.
Per the report issued by The Fed last month, the accumulated wealth of the US is $143.7 trillion. The 19% loss computes to around $27 trillion. For around 200 million people.
If the middle class had retained that share, each middle class person would have another $135,000 in assets.
That's huge!

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Top 1% Holds More Wealth Than Entire Middle Class [View all] applegrove Oct 2021 OP

AND WHY ISN'T THIS THE DEMOCRATS MAIN TALKING POINT??? a kennedy Oct 2021 #1

Biden was all about growing the middle class in yesterday's speech. N/T applegrove Oct 2021 #3

I wonder if Bezos and zuckerberg will sell stock to pay the tax jimfields33 Oct 2021 #5

+++ appalachiablue Oct 2021 #6

Kicking this.... a kennedy Oct 2021 #2

K & R Celerity Oct 2021 #4

In 1970, The Middle Class Held... ProfessorGAC Oct 2021 #7

Thanks for flushing that out. applegrove Oct 2021 #8

The economy depends on money IN MOTION... Wounded Bear Oct 2021 #9

Right, and rich money is so desperate for places to invest the hedge funds are applegrove Oct 2021 #11

It's never called "redistribution of wealth" when wealth is redistributed upward JHB Oct 2021 #10