Tuesday, October 02, 2018

COTW: The Gap Grows

US Person has posted charts about the widening wealth gap in the US before, but this one from the International Monetary Fund puts an international perspective on the social issue of this century:


The United States is at the left end of this chart. Compared to other advanced economies in the western world, the disparity in wealth accumulation is greatest.  Greece, which has undergoing a brutal austerity program demanded by international finance is at the right end of the chart.  Their difference between income and wealth is very small, within 30 to 40%  In the US, the wealthy command 80% of the total and 30% of the income. America's top !% has not controlled this much wealth since before the Greatest Depression.

US Person understands that the statistics of wealth distribution can be mind-boggling.  But this video helps visualize just how distorted wealth distribution is in the US. (He does not endorse the oversimplified and inaccurate representation of a socialism.) The irony is that in the survey discussed in the video, 'Mericans' ideal of a fair distribution is not even close to what exists in reality. Their toleration of such extreme economic inequity is what is really mind-blowing: