Wealth Inequality (Read 403 times)


Not dead. Yet.

    The US population is 300 million. (1% = 3 million people).

    The total wealth is $54 trillion

    The top 1% portion of the total wealth is $21.6 trillion (40% of total wealth)

     

    The average wealth within the top 1% would be $7.2 million


    1. I'm not surprised that the top 3 million Americans would average $7.2MM in net worth.

     

    Well one problem with your calculation is that you should not divide wealth by the total population.  Kids don't make money, nor do old people.  Husband and wife count as one.  So it really should be divided by households.  I get 115 million from this page http://quickfacts.census.gov/qfd/states/00000.html, so the top 1% are 1.15 million households.  That gives average $18.8MM in net worth....still not as much as I was thinking.

    How can we know our limits if we don't test them?

       

      Well one problem is that you should divide wealth by the total population.  Kids don't make money, nor do old people.  Husband and wife count as one.  So it really should be divided by households.  I get 115 million from this page http://quickfacts.census.gov/qfd/states/00000.html, so the top 1% are 1.15 million people.  That gives average $18.8MM in net worth....still not as much as I was thinking.

       

      Keep in mind that this is talking "Average" which is a rather dangerous thing in a distribution which may not be gaussian. The average may be skewed up or down by the shape of the distribution of wealth within the top 1%.

        Yeah "average" is fairly meaningless here. I'm not sure if Brian's statement that the "average" one-percenter is worth $7.4 million is close to accurate but if it is, then it's because the very top of the pyramid are worth billions not millions.

         

        There are a total 1.8 million Americans with a net worth over $2 million.

         

        More than half of those have a net worth between $2 and $3 million while only 66,000 have a net worth over $20 million.

        Runners run.

          Wealth distribution is at it's highest level of inequality since the 1920s

          Corporate profits are at record levels.

          Corporate cash reserves exceed $1.7 trillion domestically, but exceed $5 trillion when accounting for cash held overseas.

          CEO compensation is at record levels (380x the average worker's pay)

          Stock market just hit a record high

          Real wages are stagnant (today, real wages are at 2005 levels)

          Unemployment lingers ~7.8% and  long-term unemployment is at an unprecedented level

          Union membership is at historical lows

          The Federal deficit has shrunk every year since 2009

          Federal Government spending is at its lowest level as a % of GDP since Eisenhower.

          Government (Fed, State & Local) employment has declined by 2.6% under Obama (it only shrank 2.2% in Reagan's first 3 years - government employment actually increased over his two terms)

          Since Obama took office, private sector jobs have increased for 35 straight months, adding 6.1 million jobs (not nearly good enough)

          The "compromise" offer to avoid the sequestration from a Democratic President includes a $130 billion cut in SS benefits and means testing for Medicare

           

          Say what you will. I'm just throwing fact and figures out there. But that Obama dude is, like, the worst Socialist ever.

           


          Closed for repairs

            tl;dr

             

            Does any of that have anything to do with whether you are going to take up running again at any point in the future?

             

              Wealth distribution is at it's highest level of inequality since the 1920s

              Corporate profits are at record levels.

              Corporate cash reserves exceed $1.7 trillion domestically, but exceed $5 trillion when accounting for cash held overseas.

              CEO compensation is at record levels (380x the average worker's pay)

              Stock market just hit a record high

              Real wages are stagnant (today, real wages are at 2005 levels)

              Unemployment lingers ~7.8% and  long-term unemployment is at an unprecedented level

              Union membership is at historical lows

              The Federal deficit has shrunk every year since 2009

              Federal Government spending is at its lowest level as a % of GDP since Eisenhower.

              Government (Fed, State & Local) employment has declined by 2.6% under Obama (it only shrank 2.2% in Reagan's first 3 years - government employment actually increased over his two terms)

              Since Obama took office, private sector jobs have increased for 35 straight months, adding 6.1 million jobs (not nearly good enough)

              The "compromise" offer to avoid the sequestration from a Democratic President includes a $130 billion cut in SS benefits and means testing for Medicare

               

              Say what you will. I'm just throwing fact and figures out there. But that Obama dude is, like, the worst Socialist ever.

               

              Your website sucks.

              Runners run.

                tl;dr

                 

                Does any of that have anything to do with whether you are going to take up running again at any point in the future?

                 

                Read between the lines: He is going to take up golf, just like Barack did.  That whole post was just his pre-excuse for becoming the second worst socialist ever. Friends don't let friends play golf.

                "If you have the fire, run..." -John Climacus

                  tl;dr

                   

                  Does any of that have anything to do with whether you are going to take up running again at any point in the future?

                   

                  When I can walk pain-free, I'll set a timeline for taking up running. and yeah, my website does suck.

                   

                     

                    Well one problem with your calculation is that you should not divide wealth by the total population.  Kids don't make money, nor do old people.  Husband and wife count as one.  So it really should be divided by households.  I get 115 million from this page http://quickfacts.census.gov/qfd/states/00000.html, so the top 1% are 1.15 million households.  That gives average $18.8MM in net worth....still not as much as I was thinking.

                     

                    Fair point.  I was doing quick "back of the envelop" math to see what some of the behind the scenes numbers were.

                    Before I posted, I did recognize that the 3MM were households and not individuals, but for the purposes of my argument, I felt that the wealth of the "wives and children" (or whoever are within the household) were equal.

                    As such, yes, a $19MM average Net Worth is higher, but I'd still say:  "I'm not surprised that the top 1.15 million American individuals would average $18.8MM in net worth.

                     

                    And, yes, Delucj, Mikey and others point out the other side regarding the danger of the averages.  With the Buffet's, Gates's, Trump's and others with infinitely high Smile Net Worth's, the others below the average are in a much more "normal" high net worth status.

                     

                    The other side of the spectrum though is the alarming percentage of the population that have very low net worth and still have jobs and cash flow.

                    2014 Goals:

                    #1: Do what I can do. <DOING>

                    #2: 365 Hours training <NOPE, INJURED>

                     


                    HobbyJogger & HobbyRacer

                      So how many are so ultra-super-rich that they can afford to go to a hospital for some fancy tests using the really expensive equipment, and pay for it themselves without highly reduced healthcare provider negotiated discounts?

                      It's a 5k. It hurt like hell...then I tried to pick it up. The end.

                        Really, appropo of nothing...I just wanted to see what MLB salary distribution looked like on the same chart. So, from the USA today database numbers of opening day salaries by player, 2012, I made a chart. Here ya go:

                         

                         

                        Come all you no-hopers, you jokers and rogues
                        We're on the road to nowhere, let's find out where it goes

                          So how many are so ultra-super-rich that they can afford to go to a hospital for some fancy tests using the really expensive equipment, and pay for it themselves without highly reduced healthcare provider negotiated discounts?

                           

                          Socialist!!!

                           

                            I haven't seen the linked video (can't watch it at work) but I will when I get home.

                             

                            Wealth inequality driver

                            Meat Wagon


                            Puker

                              That's some sweet piano.

                              Feel sick and dirty, more dead than alive.

                                 

                                Socialist!!!

                                 

                                The head Venezuelan died today.

                                Come all you no-hopers, you jokers and rogues
                                We're on the road to nowhere, let's find out where it goes