Latest Threads
Latest
Greatest Threads
Greatest
Lobby
Lobby
Journals
Journals
Search
Search
Options
Options
Help
Help
Login
Login
Home » Discuss » Journals » hay rick » Read entry Donate to DU
Advertise Liberally! The Liberal Blog Advertising Network
Advertise on more than 70 progressive blogs!
hay rick's Journal
Posted by hay rick in General Discussion (1/22-2007 thru 12/14/2010)
Mon Jan 04th 2010, 11:16 PM
From the OECD article: "Wealth is distributed much more unequally than income: the top 1% control some 25-33% of total net worth and the top 10% hold 71%. For comparison, the top 10% have 28% of total income."

Sadly, this understates both the inequality of wealth and incomes.

On wealth- from a 2003 interview with Edward Wolf, Professor of Economics at NYU http://www.multinationalmonitor.org/mm2003...

"Things are even more concentrated if you exclude owner-occupied housing. It is nice to own a house and it provides all kinds of benefits, but it is not very liquid. You can’t really dispose of it, because you need some place to live.

The top 1 percent of families hold half of all non-home wealth.

The middle class’s major assets are their home, liquid assets like checking and savings accounts, CDs and money market funds, and pension accounts. For the average family, these assets make up 84 percent of their total wealth.

The richest 10 percent of families own about 85 percent of all outstanding stocks. They own about 85 percent of all financial securities, 90 percent of all business assets. These financial assets and business equity are even more concentrated than total wealth."

The "net worth" comparison dilutes the greater inequality found in the ownership of financial assets. Meanwhile, for many middle class families, "home equity" is little more than a comforting fiction.

The OECD article is unclear on the source of "the top 10% have 28% of total income" statistic, but it looks understated to me. From Wikipedia, citing 2007 data (http://en.wikipedia.org/wiki/Household_inc... ):
"Over one quarter, 28.5%, of all income was earned by the top 8%, those households earning more than $150,000 a year."

Comparing adjusted gross income from individual income tax returns (2007- see Table 5, http://www.taxfoundation.org/news/show/250... ) shows an even greater disparity with the top 1% receiving 22.06% of all income and the top 10% receiving 47.32%.




Discuss (0 comments)
Greatest Threads
The ten most recommended threads posted on the Democratic Underground Discussion Forums in the last 24 hours.
StarStar
Star
Visitor Tools
Use the tools below to keep track of updates to this Journal.
Random Journal
Random Journal
 
Home  |  Discussion Forums  |  Journals  |  Campaigns  |  Links  |  Store  |  Donate
About DU  |  Contact Us  |  Privacy Policy
Got a message for Democratic Underground? Click here to send us a message.