204 Million Americans Are Asking Themselves the Same Thing…“How to Survive the New Pandemic Gilded Age?“
The gap between the incomes of the rich and poor in this new Gilded Age is strikingly broad and deep, according to a report from Congress’ data crunchers.
The study by the Congressional Budget Office , released this week, found that income has become dramatically concentrated, shifting heavily toward the top earners.
Income inequality has risen in every state since the 1970s and, in most states, it has grown in the post–Great Recession era. From 2009 to 2015, the incomes of the top 1 percent grew faster than the incomes of the bottom 99 percent in 43 states and the District of Columbia.
The lopsided income growth of the last 42 years has already pushed the income share of the top 1 percent higher than it was in 1928 in 24 states.
The world’s 1,542 billionaires’ combined wealth amounts to a record-breaking $6 trillion, making it the first time since the Gilded Age so much wealth has been concentrated.
America’s top 25 billionaires — a group the size of a major league baseball team’s active roster — together hold $1 trillion in wealth. These 25 have as much wealth as 56 percent of the population, a total 178 million people or 70 million households. “Wealth concentration is as high as in 1905.”
The billionaires who make up the full Forbes 400 list now own more wealth than the bottom 64 percent of the U.S. population, an estimated 80 million households or 204 million people — more people than the populations of Canada and Mexico combined.
How does your survival stack up?
The Federal Reserve reports that millions of Americans continue to struggle.
- Thirty percent of adults, roughly 73 million people, are finding it difficult to make ends meet or are barely getting by. Just under one-fourth of all adults said they could not pay all their bills for the current month.
- Forty-four percent said they could not cover an emergency expense of $400, and One-fourth of all adults report that they have to forgo medical treatment during the past year because of the cost.
The median American family has a net worth of $80,000, excluding the family car. The Forbes 400 own more wealth than 33 million of these typical American families. One in five U.S households, over 19 percent, have zero or negative net worth. “Underwater households” make up an even higher share of households of color.
Over 30 percent of black households and 27 percent of Latino households have zero or negative net worth to fall back on.Since the publication of the Forbes 400 list,
Jeff Bezos wealth increased an estimated $7 billion, putting him in the number one spot on the list. This is just one example of the extreme pace wealth is concentrating among these 400 billionaires. To reduce extreme wealth inequality one thing you should do is to read BILLIONAIRE BONANZA 2017 Embargoed (inequality.org
To survide in the New Gilded Age 2, we need to do more to understand wealth, building wealth, build wealth and obtain the super-concentration of resources.
Mark Twain once wrote, “History doesn’t repeat itself but it often rhymes.” According to historians, the groundwork for the New Gilded Age 2 began in 1990. Nearly 30 years later, the age of the “robber baron” industrialist and the cutthroat financier has returned.
Mark Twain called it the Gilded Age because it was bubbling with money and the beautiful things of life. The Gilded Age was a period in history in which America faced rapid industrialization, a massive influx of immigrants, and a growth of capitalism that was almost impossible to beat. The same as it does today.
Duringn“Gilded Age 1,” every man was a potential Andrew Carnegie, and Americans who achieved wealth celebrated it as never before. In New York, the opera, the theatre, and lavish parties consumed the ruling class’ leisure hours. Sherry’s Restaurant hosted formal horseback dinners for the New York Riding Club. Mrs. Stuyvesant Fish once threw a dinner party to honor her dog who arrived sporting a $15,000 diamond collar.
The “Gilded Age 2” began around the fall of the Berlin Wall and the election of Bill Clinton. But gilded does not mean golden; in both eras, prosperity and progress overlaid poverty, racism, corruption and financial instability. America’s Gilded Ages: Then and now, and how they differ (usatoday.com)
If the similarities between the periods weren’t sufficiently uncanny, in 2016 the nation elected as president Donald Trump, who personifies the Gilded Age 2 as much as robber baron industrialists and financiers did the first. “It was as if J. P. Morgan had been elected president,’’ says Boston College historian Patrick Maney. “Donald Trump puts an exclamation point on this second Gilded Age.’’
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Napoleon Hill’s Audiobook Outwitting the Devil (1) Napoleon Hill’s Audiobook Outwitting the Devil – YouTube
|Gilded Age 2 Corporate Growth|
204 Million Americans Can Not Be Wrong!
How to Survive the New Pandemic Gilded Age?
How does your wealth/health stack up?
The S&P 500 hit a new record high after four straight days of growth. The rest of the major indices joined them in the rally too, especially the tech stocks. The Dow added 332.26 points to 31,055.86, the S&P 500 jumped 41.57 points to 3,871.74, and the Nasdaq surged 167.20 points to 13,777.74.
2 thoughts on “MKS: 204 Million Americans Are Asking Themselves the Same Thing”
Your are welcome John. How are you doing? Hope you and yours are safe and healthy. God Bless
Michaei, thanks for your survival tips. From your blog rover friend John.