I charted the wealth table from the Federal Reserve. The first chart is wealth in UD$ Trillions. The second chart is %. The dates are 3Q1989 to 3Q2022. On the X axis, the 80 point is 1Q2009, the beginning of the Great Recession which hit the wealth of the 50% - 90% hardest. Before 2009, the wealth share of the 50%-90% was equivalent to the 90% - 99%. After 2009, the wealth share of the 50-90% (middle class) fell dramatically, while the 90%-99% (upper middle class, professionals and business owners) grew, although not dramatically. The wealth share of the bottom 50% actually grew a little after 2009.
The 120 point on the X axis is 2019.
The 9.9 Percent Is the New American Aristocracy
The class divide is already toxic, and is fast becoming unbridgeable. You’re probably part of the problem.
By Matthew Stewart, The Atlantic, June 2018
The meritocratic class has mastered the old trick of consolidating wealth and passing privilege along at the expense of other people’s children…
So what kind of characters are we, the 9.9 percent? We are mostly not like those flamboyant political manipulators from the 0.1 percent. We’re a well-behaved, flannel-suited crowd of lawyers, doctors, dentists, mid-level investment bankers, M.B.A.s with opaque job titles, and assorted other professionals—the kind of people you might invite to dinner. In fact, we’re so self-effacing, we deny our own existence. We keep insisting that we’re “middle class.”…
As of 2016, it took $1.2 million in net worth to make it into the 9.9 percent; $2.4 million to reach the group’s median; and $10 million to get into the top 0.9 percent. [end quote]
Notice that “the 9.9%” have more wealth than the top 0.1 percent. We have met the enemy and they are us. Do you think that the 9.9% will allow a wealth tax? Even if it’s only supposed to be on billionaires? All together, the billionaires only have a fraction of our combined wealth. Like Willie Sutton (the bank robber) the politicians will go where the real money is.
What’s the chance of the 9.9% voting for a politician who supports a wealth tax? Nada.