I knew that financial inequality in the US had widened in the last decade or so BUT, I hadn't heard the petrifying statistic:
Between 2009 and 2011, all new income (I'm guessing adjusted for inflation and whatnot) went to the top-earning 1% of Americans.
I want to know the definitions of the terms within this statement and I want to search on my own to verify it's validity. The statement would be invalid if you considered bonuses and wage increases as "new income" since I know that normal people received this kind of thing in that period.
My thoughts on the statement:
One family owns more wealth than the bottom 40% of American people.
If this was achieved through honest hard work, then no problem. But, there is probably a lot more going on in that number than we know.
At the opening of that video, he said that the US has the biggest income inequality of any country on earth. I don't doubt that it's really crazy bad. However, I wonder what he thinks about China? I know that their currency is less valuable than the dollar but I've been in China for a half a year now and I suspect this is the country with the largest financial inequality of any country on earth. There are no laws here (well, there are but they have absolutely no power/enforcement) and rich people can hide all their assets. This society is extremely conservative and hierarchical; it’s not progressive at all and people are still willing to defer to superiors (who only got there through corruption-no merit) like they’re gods in their own right. Common people think it’s OK to be trampled over and be given no dignity in the workplace. Everyone just pretends there is dignity between the hierarchy with surface-level “face” exchanges but in reality they are all miserable. Basically, with all these elements, it’s MUCH easier for the higher ups and the wealthy to pool vast amounts of money from everyone under them while everyone turns a blind eye, pretending like nothing bad is happening. So I just think that the richest people here probably have crazy amounts of money while the middle class and poor are much poorer than even in the US.
I'd say that despite the less valuable currency, the figures would show that China has a wider gap than in the US but we can't know since nothing is transparent in China. US is definitely second worst country in the world for this, though, in terms of figures. In terms of actual effect on quality of life on the general populace, China and many more countries are far, far worse than the US.