Americans Don't Realize Just How Badly We're Getting Screwed by the Top 0.1 Percent Hoarding the Country's Wealth
With an unprecedented sum of wealth, tens of trillions of dollars, held within the top one-tenth of one percent of the US population, we now have the most severe inequality of wealth in US history. Not even the robber barons of the Gilded Age were as greedy as the modern-day economic elite.
As American philosopher John Dewey said, “There is no such thing as the liberty or effective power of an individual, group, or class, except in relation to the liberties, the effective powers, of other individuals, groups or classes.”
In my report, The Economic Elite vs. the People, I reported on the strategic withholding of wealth from 99 percent of the US population over the past generation. Since the mid-1970s, worker production and wealth creation has exploded. As the statistics throughout this report prove, the dramatic increase in wealth has been almost entirely absorbed by the economic top one-tenth of one percent of the population, with most of it going to the top one-hundredth of one percent.
If you are wondering why a critical mass of people desperately struggling to make ends meet are still not fighting back with overwhelming force and running the mega-wealthy aristocrats out of town, let’s consider two significant factors:
1) People are so busy trying to maintain their current standard of living that their energies are consumed by holding onto the little they have left.
2) People have very little understanding of how much wealth has been consolidated within the top economic one-tenth of one percent.
Considering the first factor, it is obvious that people have become beaten down psychologically and financially. A report in the Guardian titled, “Anxiety keeps the super-rich safe from middle-class rage,” suggests that people are so desperate to hold onto what they have that they are too busy looking down to look up: “As psychologists will tell you, fear of loss is more powerful than the prospect of gain. The struggling middle classes look down more anxiously than they look up, particularly in recession and sluggish recovery.”
Considering the second factor, people do not understand how much wealth has been withheld from them. The average person has never personally experienced or seen the excessive wealth and luxury that the mega-rich live in. Wealth inequality has grown so extreme and the wealthy have become so far removed from average society, it is as if the rich exist in some outer stratosphere beyond the comprehension of the average person. As the Guardian report states:
“… having little daily contact with the rich and little knowledge of how they lived, they simply didn’t think about inequality much, or regard the wealthy as direct competitors for resources. As the sociologist Garry Runciman observed: ‘Envy is a difficult emotion to sustain across a broad social distance.’… Even now most underestimate the rewards of bankers and executives. Top pay has reached such levels that, rather like interstellar distances, what the figures mean is hard to grasp.”
In fact, the average American vastly underestimates our nation's severe wealth disparity. This survey, featured in the NY Times, reveals that Americans think our society is far more equal than it actually is:
“In a recent survey of Americans, my colleague Dan Ariely and I found that Americans drastically underestimated the level of wealth inequality in the United States. While recent data indicates that the richest 20 percent of Americans own 84 percent of all wealth, people estimated that this group owned just 59 percent – believing that total wealth in this country is far more evenly divided among poorer Americans.