Comments on: On S*ci#l!sm http://www.sourapplesblog.com/2008/10/27/26/ Just another WordPress weblog Thu, 09 Feb 2012 10:57:41 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Joe Blfstyk http://www.sourapplesblog.com/2008/10/27/26/comment-page-1/#comment-9 Joe Blfstyk Mon, 27 Oct 2008 19:43:13 +0000 http://elliottcallahan.com/blog/?p=26#comment-9 I think your numbers may be a little off. There's no clear consensus on the distribution of wealth in the U.S. but most sources I checked cited something along the lines of: "The wealthiest 1 percent of families owns roughly 34.3% of the nation's net worth, the top 10% of families owns over 71%, and the bottom 40% of the population owns way less than 1%." Whatever the true figures are, it's clear that in the last 20 years, the U.S. has witnessed a new age of robber barons, mostly concentrated in the financial services and tech industries. That era may be coming to an end, and none too soon for the health of the country. The French Revolution (gotta love those French) is just one example of what can happen to a society without a thriving middle class. Too many people with no hope watching a small minority of their countrymen living like kings can be a volitile mix. I think your numbers may be a little off. There’s no clear consensus on the distribution of wealth in the U.S. but most sources I checked cited something along the lines of: “The wealthiest 1 percent of families owns roughly 34.3% of the nation’s net worth, the top 10% of families owns over 71%, and the bottom 40% of the population owns way less than 1%.”

Whatever the true figures are, it’s clear that in the last 20 years, the U.S. has witnessed a new age of robber barons, mostly concentrated in the financial services and tech industries. That era may be coming to an end, and none too soon for the health of the country. The French Revolution (gotta love those French) is just one example of what can happen to a society without a thriving middle class. Too many people with no hope watching a small minority of their countrymen living like kings can be a volitile mix.

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