by Paul Buchheit, published on October 19, 2015 at Common Dreams
According to new Credit Suisse data, nearly 50 million of America’s 243 million adults are part of the world’s poorest 10%.
Bernie Sanders showed his outrage about inequality at the Democratic Debate, and more and more Americans are understanding his message. Indignation is likely to grow with new data from the Credit Suisse Global Wealth Databook, which reveals the wealthy elite’s continuing disdain for the poor, for the middle class, and for people all around the world.
Some of the most troubling disparities are hidden in the myriad tables of this remarkably comprehensive publication. The purpose here is to translate the numbers into wealth gap realities that victimize the great majority of Americans. Details can be viewed at You Deserve Facts.
1. At the Bottom: Of the Half-Billion Poorest Adults in the World, One out of Ten is an American
That seems impossible, with so many extremely poor countries, and it requires a second look at the data, and then a third look. But it’s true. In the world’s poorest decile (bottom 10%), one out of ten are Americans, many of whom are burdened with so much debt that any remnant of tangible wealth is negated. Other nations have high debt, most notably in Europe, but without an excessive burden on their poorest citizens.
Incredibly, then, nearly 50 million of America’s 243 million adults are part of the world’s poorest 10%. In contrast, over 110 million American adults are among the world’s richest 10%.
2. At the Top: The Richest 1/10 of American Adults Have Averaged Over $1 Million Each in New Wealth Since the Recession
Housing rebound? Mostly for the rich, along with their taking of almost all the financial wealth. Total U.S. wealth increased by a stunning 60 percent since 2009, from $54 trillion to $86 trillion, but 3/4 of that massive increase went to the richest 10% of Americans.