Wealth inequality in the United States, also known as the wealth gap, is the unequal distribution of assets among residents of the United States.Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts. ), "The wealth gap in America has created a deep divide in society and in turn in the electorate," Wright tells CNBC Make It. "Candidates put forth their own plans for how to address wealth inequality and many pundits and analysts think of it as an issue related only to the primary. Join us! Click here to donate by check. ", He responded by highlighting the wealth gap. ET First Published: Dec. 18, 2020 at 1:21 p.m. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. The trend is on track to exacerbate dramatic wealth and income gaps in the U.S., ... 09/07/2020 07:00 AM EDT. No one has profited more from 70 years of taxpayer input than these massive technology companies.At the Other End of InequalityWhile the pandemic profits roll in for the millionaires and billionaires, the plight of low-income Americans is growing more life-threatening every day. In March, 2020 the market capitalization for Big Tech (Apple, Microsoft, Amazon, Google, Facebook) was $4.1 trillion. WID.world’s Inequality Transparency Index gives an overview of the challenges ahead to end financial opacity around the globe and of the difficulties faced by researchers tracking income and wealth inequality.. Key results . And eventually, one candidate will face off against America's first billionaire president, Donald Trump.Â. The economy is doing really great for people like Mr. Bloomberg and other billionaires," Sanders said. 39% Of total U.S. wealth … And the unemployment rate has been trending lower during the Trump years as well. But in reality, addressing wealth inequality will be crucial to determine the outcome of the General Election, largely in relation to rural voters. The total wealth of the top twenty comes in at $1.544 trillion. A 75 percent increase in under nine months! 28 countries have a score of “0”, which means that neither survey data nor fiscal data is available in this country. From now until March 15th. We’re here seven days a week, 365 days a year. ", Bill Gates, Jeff Bezos and Warren Buffett have more wealth than half the population of the US combined, What billionaires said about wealth inequality and capitalism in 2019, Billionaire Marc Benioff: Capitalism has 'led to horrifying inequality' and must be fixed, Check out: The best credit cards of 2021 could earn you over $1,000 in 5 years, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, © 2021 CNBC LLC. A Division of NBC Universal. Just in the past three months, according to research at the University of Chicago and Notre Dame, six million people have been added to the ranks of the poverty-stricken, with the most dire effects on Black people and children.Many Americans can't even feed themselves and their children. Rural Americans are less optimistic about their financial future than those living in urban or suburban areas: 63% of adults in rural areas who report they don't currently have enough income to lead the kind of life they want also say they don't expect to in the future, according to Pew. But how did economic inequality become a tent pole for the Democratic party's agenda in 2020? Inequality gone viral: Here are the shocking numbers behind America's economic illness, It's the Wealth Gap, Stupid: Inequality Drives 'Economic Anxiety ... ›, Watch: Fox & Friends host gets unexpected lesson on wealth ... ›, 'The billionaire election': How 2020 is a referendum on wealth ... ›, Nine Charts about Wealth Inequality in America (Updated) ›, Exploding wealth inequality in the United States | VOX, CEPR Policy ... ›. In November of 2019 the Wilshire Total Market stood at about $32 trillion. The fight isn't over. "You're right. An important way to do that is  to address the wealth gap as a "very real crisis" in rural communities, he says. (Though it is lower than it would have been otherwise.) The share of American adults who live in middle-income households has decreased from 61% in 1971 to 51% in 2019. "For the ordinary American, things are not so good. The share of the U.S. electorate who are Gen Z voters (those born after 1996) will increase from 4% in the 2016 election to an expected 10% in 2020, according to a Pew Research Center analysis. Amy Klobuchar shuts down a GOP senator spreading a 'conspiracy theory' at the Capitol riot hearing. Help ensure AlterNet remains independent long into the future. "Pandemics should be the great equalizer," says political analyst Fareed Zakaria. Nearly 26 million adults -- one in nine -- have reported that their households sometimes or often lacked food. AlterNet counts on readers like you to support our coverage. ", (With median income would take 62,000 years to catch Trump, who is worth $3.1 billion, according to Forbes.). (Bloomberg is worth $60 billion, according to Forbes.) The Brookings Institution points out that the ratio of white family wealth to black family wealth is higher today that it was at the beginning of the century. It all puts a fine point on how wealth inequality has become a rallying cry for the Democratic presidential candidates, and how it could further define the election for the Democratic nominee after that.Â, As a catalyst in the 2020 election, the rhetoric is "more acute" than it has been in decades, Democratic strategist, speech-writer and political commentator Hamza Khan tells CNBC Make It.Â, "I do not think it has been this severe at least since the time of Teddy Roosevelt in the last century," says Khan. So for the Democrats, the conversation around wealth inequality "will only continue to increase" and move to the "forefront," Democratic political consultant Andrew Feldman tells CNBC Make It. Wealth inequality, also known as the wealth gap, is the unequal distribution of assets … The Great Recession, which lasted from December 2007 to June 2009 according to the Federal Reserve, is seared into the formative memories of younger voters. The Growth in Global Wealth Inequality. They appear in a striped pattern o The next 9% controlled another 38%. The average wealth of the top 20 per cent sits at roughly $3.2 million — 90 times that of the lowest 20 per cent, who sit on roughly $36,000 in assets and savings. Bezos, Musk, Gates, Zuckerberg, and the eleven other richest Americans had $922 billion around this time last year. "We need to ask ourselves: In a year of disease and death and destroyed families, should a massive, inexplicable increase in new American financial wealth go to billionaires or to health care workers? As of the most recent data I could find, the amount of inherited wealth going from one generation to another each year is up 119 percent from 1989, even when inflation is taken into account. Since the onset of Covid-19 in early 2020, the combined wealth of the 650 American billionaires has increased by nearly $1 trillion. So while wealth inequality "was clearly bad several years ago as well," this year's voters have different expectations, Khan says. Every reader contribution, whatever the amount, makes a tremendous difference. In 2019, the Top 1% held one-third of all wealth. Try AlterNet All-Access for just $1. During the Democratic debate in South Carolina, for example, the first question, posed to Sanders, was, "How will you convince voters that a Democratic socialist can do better than President Trump with the economy? 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And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet. But this is the reality of 2020. Feldman believes Trump is not likely to change his campaign strategy, however. Opinion from Salon and Jim Hightower? In 2020, the top 1% owns wealth equal to 200 times the average U.S. income. The CARES Act showed how fiscal policy can chip away directly at wealth inequality. Taken together, the voting cohort of Gen Z voters and millennials (born between 1981 and 1996) form the largest voting block, Khan points out — a projected 37% of voters. "What Can We Do?We won't end the accumulation of wealth. According to the experts, these are some of the specific political conditions making wealth inequality a force on the Democratic campaign trail and for the election. According to Feldman, a focus on wealth inequality will be a key way to counter the likely main point of Trump's re-election campaign: a strong economy. "Inequality is rising as a political issue because it keeps getting greater," Paul Begala, a Democratic strategist and former adviser to President Bill Clinton, tells CNBC Make It. The top 1% controlled nearly 32% of household wealth in 2018. ET The same forces that made this year so awful for most people helped a select few add immense wealth. Democratic presidential hopefuls Vermont Senator Bernie Sanders (L) and Former Vice President Joe Biden (R) participate in the tenth Democratic primary debate of the 2020 presidential campaign season co-hosted by CBS News and the Congressional Black Caucus Institute at the Gaillard Center in Charleston, South Carolina, on February 25, 2020. The combined wealth of U.S. billionaires has grown 34 percent since March 2020. As of Thanksgiving Day this year, their wealth had increased by another $375 billion. Rich, White and college-educated Americans saw jobs recover quickly, and their wealth balloon as … Do you approve of Biden's presidency so far? But instead "the virus is ushering in the greatest rise in economic inequality in decades, both globally and in the United States." "You have to talk about the wealth inequality gap when you talk about the challenges with our economy" otherwise Trump could "sweep [the Democrats] under the rug," Feldman says. Tuesday, billionaire Michael Bloomberg is on 2020 Democratic primary ballots for the first time, running against, among others, a self-described Democratic Socialist in Bernie Sanders. Wealth inequality has been on the rise across the globe for several decades. (Only about 41% of Republicans or those who lean Republican agree.)Â. (That compares with 54% of those in cities and 51% of those in suburbs. Should unearned gains go to the few hundred richest Americans or to the millions of American households who have lost their means of support?The numbers are shocking. In 2016, Trump benefited from an evolution in the rural vote from more Democratic to more Republican, which exit polls show has been happening gradually over recent decades. 5 The wealth gap between America’s richest and poorer families more than doubled from 1989 to 2016, according to a recent analysis by the Center. And these gaps have allowed the very richest to amass unprecedented levels of wealth. According to Institute for Policy Studies analysis of Forbes data, the combined wealth of all U.S. billionaires increased by $1.138 trillion (39 percent) between March 18, 2020 and January 18, 2021, from approximately $2.947 trillion to $4.085 trillion. Did you enjoy AlterNet this year? It’s going to be a Billionaire Thanksgiving. This left less than one-third (29%) to the Bottom 90%. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. This downsizing has proceeded slowly but surely since 1971, with each decade thereafter typically ending with a smaller share of adults living in middle-income households than at the beginning of the decade. "The difference is what this electorate is willing to tolerate versus what elder generations have grown accustomed to," he tells CNBC Make It.Â. That's $25 billion more, on average, for each multi-billionaire, although Elon Musk alone has added about $80 billion to his fortune.An Average of $600 Billion Each to the 5 Richest Tech Companies.
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