Income Inequality Tidbits

In 2010, Forbes 400 wealthiest Americans held $1.37 trillion in assets: $1,370,000,000,000

That's an average of $3.4 billion each
$3,400,000,000

$1.37 trillion in assets is more than the amount held by the bottom 50% (150+ million people)

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In 2007, the richest 1% of Americans owned 34.6% of the country's wealth.

• The next 19% owned 50.5%
• That means the richest 20% of Americans owned 85% of the country's wealth.
• The poorest 80% owned 15%

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• The lowest quintile (20%) in the U.S. hold 0.1% of the nation's wealth.
• The second-lowest quintile (20%) hold 0.2%

Add them together:  The lowest two quintiles (40%) hold 0.3%

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In 1929, the wealthiest 1% of Americans controlled 44% of the wealth.

• After FDR's "New Deal" social programs -- Social Security (old-age pension), mortgage relief,  Glass-Steagall Act (FDIC, insured bank accounts), Wagner Act (established National Labor Relations Board, right to collective bargaining), Fair Labor Standards Act (minimum wage, limit on hours of work, child labor legislation);
• And after LBJ's "Great Society" programs, creating Medicare and Medicaid, among other socially progressive programs:

In 1976, the wealthiest 1% of Americans controlled 20% of the wealth.

After the trickle-down "voodoo economics" initiated by Ronald Reagan and pursued vigorously by George W. Bush:

In 2007, the wealthiest 1% of Americans controlled 35% of the wealth.

And the gap is widening -- fast.

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During the Reagan administration, the percentage of wealth controlled by the wealthiest 1% jumped from around 20% to around 30%

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In 2000, the percentage held by the wealthiest 10% owned:

• 70% in the U.S.
• 53% in Canada
• 42% in Finland

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Clinton ran a budget surplus:

• $1.9 billion, 1999
• $86.4 billion, 2000

In his first speech to Congress, George W. Bush announced that the national debt would be paid off by 2010

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McDonald's U.S. hired 60,000 people on April 19, 2011

• 1 million people applied

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Fortune 500 companies generated $10.8 trillion in 2010; profits were up 81% over 2009

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Average compensation for Fortune 500 CEOs in 2010 was $19 million

• For a 40-hour week, working 50 weeks, that's $9,500 per hour
• For a 60-hour week, working 50 weeks, that's $6,333 per hour

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The U.S. Federal Reserve Board says with boom times and record profits, U.S. corporations have $1.93 trillion available to invest