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

[Anti-Imperialist News]

https://www.commondreams.org/news/2019/06/14/eye-popping-analysis-shows-top-1-gained-21-trillion-wealth-1989-while-bottom-half?fbclid=IwAR1ABtCOdQ-6mnFxsOphvbvFnVyTAsKJDT1QKNwb5K4iTQ9q9zWpjR4S4i0 



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

byJake Johnson, staff writer  - June 14, 2019
<https://www.commondreams.org/author/jake-johnson-staff-writer>
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"The top one percent owns nearly $30 trillion of assets while the bottom 
half owns less than nothing."

Adding to the mountain of statistical evidence 
<http://gabriel-zucman.eu/uswealth/> showing the severity of U.S. 
inequality, an analysis 
<https://www.peoplespolicyproject.org/2019/06/14/top-1-up-21-trillion-bottom-50-down-900-billion/> 
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.

"We have the worst inequality in this country since the 1920s."
—Rep. Pramila Jayapal (D-Wash.)

Matt Bruenig, founder of the left-wing think tank People's Policy 
Project, broke down the Federal Reserve's newly released "Distributive 
Financial Accounts 
<https://www.federalreserve.gov/releases/z1/dataviz/dfa/>" 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 
<https://twitter.com/RepJayapal/status/1139506519169536002> 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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