'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion

There's a reason why my husband refuses to use Amazon... 

And the next time someone disparages democratic socialism, cite these facts and ask them how much longer they want to live under toxic late stage corporate capitalism, i.e. socialism for the very wealthy?

"The top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing."

This is nothing but pure insanity and madness. It is so far past time for radical change and a total shift in the trajectory we've long been on of the vast redistribution of wealth upwards to a just economy that actually works for all. Another world is possible! And the last time I looked, 99% is greater than the 1%. We're all needed in this movement to save ourselves and embody a way of living together which protects and cares for life rather than destroys it. — Molly

CEO and founder of Amazon Jeff Bezos participates in a discussion during a Milestone Celebration dinner September 13, 2018 in Washington, D.C.

"The top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing."

by

Jake Johnson, staff writer

Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis published Friday found that the top one percent of Americans gained $21 trillion in wealth since 1989 while the bottom 50 percent lost $900 billion.

Matt Bruenig, founder of the left-wing think tank People's Policy Project, broke down the Federal Reserve's newly released "Distributive Financial Accounts" data series and found that, overall, "the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets."

The growth of wealth inequality over the past 30 years, Bruenig found, is "eye-popping."

"Between 1989 and 2018, the top one percent increased its total net worth by $21 trillion," Bruenig wrote. "The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period."

"Enormous crisis," Rep. Pramila Jayapal (D-Wash.) tweeted in response to Bruenig's analysis.

"We have the worst inequality in this country since the 1920s," wrote Jayapal, co-chair of the Congressional Progressive Caucus. "Three wealthiest people in America have as much wealth as the bottom 50 percent."

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