Jake Johnson at Common Dreams writes—'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion:
Adding to the mountain of statistical evidence showing the severity of U.S. inequality, an analysis 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.
Matt Bruenig, founder of the left-wing think tank People's Policy Project, broke down the Federal Reserve's newly released "Distributive Financial Accounts" 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 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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On this date at Daily Kos in 2003—McKiernan's dilemma:
Lt. Gen David McKiernan faces a problem as old as Iraq: how to keep the tribes and various factions under control.
His methods have involved sweeps and nightly patrols in a war which may go on as long as Americans are in Iraq.
The White House and Defense Department are using loaded words like terrorists and Baathists, which may sound nice on Fox News, but does little to explain how complex the politics of Iraq are.
One must keep in mind Saddam used a complex series of bribes and a secret police establishment to work his magic. He rarely acted overtly, except when needed. But even he couldn't prevent a full-scale Shia uprising and many of the secret dead come from that period.
The US faces a grim series of realities and some military choices.
On today’s Kagro in the Morning show: It's another lol/yolo/nm Friday! Trump’s trying for another war, but without Secretaries of Any of the Necessary Departments. Kellyanne Conway gives the Hatch Act the finger. Again. The rule of law is so dumb. We should just get rid of it, everywhere.