Have the mega-rich achieved victory in their class-war?

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How rich—and powerful—have today’s rich become? Some numbers can help tell the story. In 1974, the most affluent 1% of Americans averaged, in today’s dollars, $380,000 in income.

Now let’s fast-forward. In 2007, the most recent year with stats, households in America’s top 1% averaged $1.4 million, well over triple what top 1% households averaged back in 1974—and, remember, this tripling came after adjusting for inflation.

Americans in the bottom 90%, meanwhile, saw their average incomes increase a meager $47 a year between 1974 and 2007, not enough to foot the bill for a month’s worth of cable TV.

The bottom line: top-1% households made 12 times more income than bottom-90% households in 1974, 42 times more in 2007.

The numbers become even more striking when we go back a bit further in time and focus not on the top 1%, but on the richest of the rich, the top 400, the living symbol of wealth and power in the United States ever since America’s original Gilded Age in the late 19th century.

In 1955, our 400 highest incomes averaged $12.3 million, in today’s dollars. But the top 400 in 1955 didn’t get to enjoy all those millions. On average, after exploiting every tax loophole they could find, they actually paid over half their incomes, 51.2%, in federal income tax.

Today’s super rich are doing better, fantastically better, both before and after taxes. In 2006, the top 400 averaged an astounding $263 million each in income. These 400 financially fortunate paid, after loopholes, just 17.2% of their incomes in federal tax.

After taxes, as a group, the top 400 of 2006 had $84 billion more in their pockets than 1955’s top 400, $84 billion more they could put to work bankrolling politicians and right-wing think tanks and Swift Boat ad blitzes against progressive candidates and causes.

How could America’s super rich have so little, relatively speaking, back in 1955 and so much today? What has changed between the mid 20th century and the first decade of the 21st? We have lost, simply put, the economic checks and balances that so significantly discouraged grand concentrations of private wealth in the years right after World War II.

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    Ihatethemall,
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asherp
  • added November 08, 2009

84 comments // Have the mega-rich achieved victory in their class-war?

  •  

    "How could America’s super rich have so little, relatively speaking, back in 1955 and so much today?"

    Derivatives, Wall Street douchebagery, Federal Reserve, corruption in the government, etc.

    NWO anyone?

    ianakaeeen
  •  

    kill the top 400

    molesteban
  •  

    That's funny. I know a couple of millionaires, I'm not one of them, and they made the money the old fashioned way, they worked for it. I'm not going to bash them for finishing school and working hard.

    On the other hand, judging by the number of people I see, apparently able bodied young people, in this area, that aren't willing to work, that sit around smoking cigarettes, mooching money for passers by, and generally not doing shit. A very large number of them.

    Kill the top 400.
    Why not kill the homeless instead?

    recommended by fun_size
    corndog67
  •  

    Let me ask you something. Do you sit around various restraunts, just outside the door, and panhandle for money? I realize the jobless situation is getting pretty serious, but from your reply, you are looking for a job. These are the same people that I've seen for 3 or 4 years, we have a pretty temperate climate in San Luis Obispo, like I said before, apparently able bodied young people, that think that panhandling is an optional lifestyle. If you can afford a dog (a lot of them have dogs), if you can afford cigarettes, you don't need to ask me for money.

    Good luck on the job search.

    corndog67
  •  
    Image...

    "Politics is the showbiz of industry." - Frank Zappa

    Some years from now, in an economic refugee relocation "Enterprise Zone," your kids will ask you, "What did you do in the Class War, Daddy?"

    The richest fifth of America owns 83% of all shares in the stock market. But that's a bit misleading because most of that, 53% of all the stock, is owned by just one percent of American households.

    While 15.9% of us don't have health insurance (a record, Mr. President!), even those of us who have it, don't have it: we're spending 36% more per family out of pocket on medical costs since the new regime took power in Washington. If you've actually tried to collect from your insurance company, you know what I mean.

    And what does the Wealthy One Percent want? Answer: more wealth. Where will they get it? As with a tube of toothpaste, they're squeezing it from the bottom. Median paychecks have gone down by 5.9% during the current regime, but Americans in the bottom fifth have seen their incomes sliced by 20%.

    So who's winning? It's a crude indicator, but let's take a peek at the Class War body count.

    When Reagan took power in 1980, the One Percent possessed 33% of America's wealth as measured by capital income. By 2006, the One Percent has swallowed over half of all America's assets, from sea to shining sea. One hundred fifty million Americans altogether own less than 3% of all private assets.

    Today's Pig is Tomorrow's Bacon
    http://www.gregpalast.com/todays-pig-is-tomorrows-bacon-a-labor-day-recipe/

    THIRD WORLD AMERICA !
    http://current.com/items/89833556_third-world-america.htm

    "It makes no difference who you vote for - the two parties are really one party representing four percent of the people" - Gore Vidal

    recommended by artemis6
    WhiteNoise
  •  

    Regulation and income-tax adjustation would solve all of this in a years time. Question is will the people actually demand for regulation and adjustation or will they stay quiet and wait for the rich to get richer while we get poorer.

    FishaHouse777
  •  

    @ corndog. so you know a couple millionaires now you are an expert. I know a couple of people who are close to billionaires on a business level so i must be a freaking economic genius. You are making the mistake that when you hear people talking about the "rich" you think its people who have a million dollar house or a couple mil total worth. That is not the case. The people being discussed here are the ones that live in 50 million dollar estates whose wealth is measured in the hundreds of millions. they didn't get that money just by going to school and working hard. They got it by manipulating politics and the opinion of people such as your self to give themselves a license to steal. plus it takes real talent to equate a couple bums in your home town into the claim that 10.2 (or adjusted 17% plus) unemployment is due to laziness.

    recommended by CreditFigaro
    mik661
  •  

    From the horses mouth Warren Buffet it is class warfare and my side is winning, enough said to the victor goes the spoils, to the losers eat cake and shut up! How long before we storm the gated communities?

    kennymotown
  •  

    More power to them. I didn't say that the unemployment rate was due to laziness. I know there are lots of people looking for work. These "bums" as you call them, and you're right, choose to not work, and there are more than a couple of them.

    And most of those guys with the $50 mil homes, worked to get where they are. You do get there by hard work. I'm not being manipulated. And I'm not an expert, either, in anything. Sure they got some good breaks. But you don't get there by being an idiot, and It seems that you are insinuating that they are all crooks. Not by a long shot. Bill Gates a crook? Last I heard, he was about $60 Bil. Steve Jobs? These guys started in a garage. To assume they are all crooks is wrong.

    This is the United States. There is a black man in the White House (which I didn't think could possibly happen, but it did). The prospects in this country are better than anywhere else in world. Someone suggested to re-distribute the wealth. Why? Why should I work when they will just give me the money. We would become a Nation of those assholes I mentioned earlier.

    Now those billionaires (nearly) that you know, are they crooked, too? Ask them how they got where they are. They sure aren't sitting around, playing Hacky-Sack, getting stoned or drunk, and asking people for money are they?

    corndog67
  •  

    ONLY THE SUPER RICH WILL SAVE US!!!!!!!!!!!!!

    recommended by asherp
    kivol
  •  

    All of a sudden the truth comes out "current" .com is now what i would call on the right track......

    dv627univ
  •  

    "Have the mega-rich achieved victory in their class-war?"

    Not until they have eliminated the Middle Class.
    Because that is what is going to happen if they keep this shit up.

  •  

    Everyone should read this.

    Chapisbored
  •  

    1945 to 2010 President Mephisto. POTUS.

    Ragan
  •  

    The war is not over, indeed, the coming class war has not even begun.

    recommended by Ihatethemall
    unimatrix0
  •  

    I'm afraid that at this point & time we might be operating on a corpse for Obama's window of opportunity went & go during the banks bailout...

    THE GREATEST THEFT IN THE HISTORY OF HUMANKIND
    http://current.com/items/89330596_the-greatest-theft-in-the-history-of-humankind...

    Meanwhile; war profiteers are having a field day & bleeding this country dry!

    HALLIBURTON / KBR STEALING US BLIND !
    http://current.com/items/89801957_halliburton-kbr-stealing-us-blind.htm

    PENTAGON SCORES A BIGGER RIP-OFF THAN BAILOUT
    http://current.com/items/89342370_pentagon-scores-a-bigger-rip-off-than-bailout....

    Pentagon’s Black Budget Grows to More Than $50 Billion
    http://current.com/items/91322143_pentagon-s-black-budget-grows-to-more-than-50-...

    "The plutocrats believe there are some things worse than war: the confiscation of special privileges; the abolition of unearned income; the overthrow of the economic parasitism; the establishment of industrial democracy. The plutocrats would welcome a war that promised salvation from any such calamities; they would also welcome a war that promised greater foreign markets, the destruction of foreign competition, more security for property rights and a longer lease on life for plutocratic despotism." - Scott Nearing — 1917

    WhiteNoise
  •  

    At some point the middle class will get pissed.

    treewolf39
  •  

    PRIVATIZE THE PROFITS
    SOCIALIZE THE COST

    ...to death, the death of the middle class indeed ;)

    "How to get people to vote against their interests and to really think against their interests is very clever. It's the cleverest ruling class that I have ever come across in history. It's been 200 years at it. It's superb." - Gore Vidal

    WhiteNoise
  •  

    stock up on ammunition, they cant take our guns but they can stop the ammo makers from making.

    Maitereya
  •  

    Here piggy piggy. Sooooweeeeee!

    craigsaid
  •  

    They have pushed their control and dominance of the government so far that it would take a Teddy Roosevelt and an unindoctrinated ignorant working class and middle class that votes against their economic interert willing to have a real fight against the oligarchy that is strangling not only America,, but those other countries who have sold out the welfare of the entire country for the parasites who don't just want to be rich but to take it all.
    Germany, Sweaden, France and other countries have not sold out the average citizen in order to let the new Feudal corporate elite have the whole pie, not just a nice share.
    It may take a grassroots rebellion. But with the fundamentalist churches being the helpers of the feudal corporatistst, the modern superstitutious peasants are being trained to believe that they deserve their poverty, and that the parasites who are oppressing them are "annointed" by God. Its almost funny because Marx was right in some respects.
    Well regulated Capitalism works, but the pigs want the whole pie not just a good share. Even after the bankers ripped everyone off, they are screaming that that regulation for the industry is bad. Lassiez-faire capitalism is as destructive as corrupt communism. Here we have developed corporate communism where they get to have it all for free and the little people pay for their excesses..

    carmalite
  •  

    It's gross how much money that some people get into their grubby greedy hands

    Nancy_Stueben
  •  

    Yes. They achieved victory in the mid 1980s.

    EmperorThan
  •  

    The only enemy of both the Rich and Corporations is the government. The government can change laws or bow to the corporatist that own our Representatives. We are the government, do something for your country!

    kennymotown
  •  

    Good and plenty of lawyers.

    nursediesel
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