‘Staggering’ New Data Shows Income of Top 1% Has Grown 100 Times Faster Than Bottom 50% Since 1970

Growth vs degrowth!

by Julia Conley, staff writer

“The bulk of a generation of economic growth has been captured and concentrated in a few hands, and many people have barely seen any of it.”
Amazon CEO Jeff Bezos, Microsoft founder Bill Gates, and Berkshire Hathaway CEO Warren Buffett are the three richest people in the U.S., with more combined wealth than the bottom 50% of the population. (Photo: Drew Angerer/Getty Images, Michael Cohen/Getty Images/The New York Times, Fortune Live Media/Flickr/cc) New data released by an economist focused on inequality and the accumulation of wealth by top earners explains the numbers behind Sen. Bernie Sanders’ often-cited statistic that the three richest Americans hold more wealth than the 160 million people who make up the bottom 50% of the population.

https://www.commondreams.org/news/2019/12/09/staggering-new-data-shows-income-top-1-has-grown-100-times-faster-bottom-50-1970