Viral video shows how wealth is really distributed - Economy
On a similar note: isn't it fascinating that the 6 Walmart heirs have as much wealth as the lowest 42% of the American income distribution? Here is a short article on the Walmart family wealth.
As Josh Bivens of the Economic Policy Insitute points out, the six Walmart heirs now have more wealth than the bottom 42 percent of Americans combined, up from 30 percent in 2007. Between 2007 and 2010, the collective wealth of the six richest Waltons rose from $73 billion to $90 billion, while the wealth of the average American declined from $126,000 to $77,000 (13 million Americans have negative net worth). Here's a chart of how many average Americans it has taken over time to equal the wealth of the Waltons: (see here for link)
This video was both very cool and very shocking. I liked how the virtual inequality tour gave the data on what the ideal distribution of wealth should be, what we think it should be as American's, and what it really is. I knew that wealth is distributed uneven in America, but I can say I fell into the category of what America's think the distribution is rather than what it really is. This was an eye-opener for me and I think this inequality in wealth will continue in years to come if the we stay in this state of economic stagnation.
ReplyDeleteWow that video says it all. It is crazy to see how perception lines up with reality. To see the top 1% not even being able to fit on the chart is shocking! The video also talked about the ideal and explained that both democrats and republicans alike would like to see a more spread distribution. What can be done by the government to get us moving forward? What really scares me is that in 1976 CEOs made 9% of the nation's income, today it has increased to 24%! This means that if something isn't done to "control capitalism" it is only going to increase and the poor will get poorer while the rich get richer. Everyone agrees a strong middle class is ideal, now we need to implement policy to get there!
ReplyDeleteThen after seeing that video you can understand why there hasn't been much GDP growth. Even the top 20%, after the 10%-1% take earnings, have lost out on money so 80% of Americans are still scraping by. They don't have the excess cash to just go and buy goods they don't need.
ReplyDeleteI agree with Bianca, it's crazy how since all of the policy changes since the 80's to now has allowed for the accumulation of 24% of income for a nation. Not a small tiny nation, but the U.S.
I agree with Bianca and Jared about how policy doesn't align with the ideals for a better U.S. I blame greed for this. I also liked when he put the productivity of the average worker versus his boss in terms of dollars. That really put things in perspective for me because I doubt any one can work 300+ times more then the average.
ReplyDeleteIt was shocking and disturbing to watch this video and watch how uneven the distribution of wealth is within our country. It presents a huge problem in my mind about how the policies don't really support the idea of Americans as a whole. The rich get richer, while the poor remain poor or get poorer. Having the heirs of Wal-Mart have more wealth than 42% of the bottom of the population is also over-whelming and a problem.
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