American Wealth Distribution Is More Skewed Than We Think
There are approximately 311 million Americans in the country. The distribution of wealth across those 311 million is much more inequitable than most think. The fact is that the top 1% of Americans (or a little over 3 million people) own 40% of all wealth in America.
The bottom 80% of Americans (or roughly 248 million people) own only 7% of the country’s wealth. The top 1% own 50% of all stocks, bonds, and mutual funds. The bottom 50% (about 155 million people) own only .5% (thats right, 1/2 of 1 percent) of stocks, bonds, and mutual funds.
These numbers are incontrovertible, and they strongly support President Obama’s balanced approach to the economy. All this noise about “class warfare” is pure HOGWASH! Don’t the Tea Party people realize that they are being manipulated and USED by the top 1%? It’s time for the Tea Party to wake up and face the real facts about wealth distribution in America. If President Obama is attempting to redistribute a small portion of this wealth, then 99% of us should be all for it!
Mark G Capolupo