As noted Monday, in the U.S. today, the top 20% most wealthy citizens own 84% of the wealth and the top 1% own 50%.
Is that sustainable?
I wouldn’t think so, but the “have-nots” haven’t taken to the streets yet and serious crime is down in most major metropolitan areas. And curiously, quite a few of the eighty percenters are opposed to increasing the taxes of the top twenty percenters. In fact, I’m guessing a lot of the TEA Party is made up of bottom eighty percenters.
Maybe they see themselves joining the top twenty percenters sometime soon. Recent research would suggest they’re delusional because social mobility is extremely low in the U.S. right now, even lower than in most other developed countries in Western Europe. Our perception of our country as a bastion of social mobility is not even close to reality.
Maybe the top twenty percenters have cast some sort of Nancy Grace, sports, reality-television based spell on the bottom eighty percenters that keep them from asking questions about equality of opportunity let alone agitating for a saner redistribution of wealth. Just keep watching Survivor Nicaragua, Monday Night football, and wondering whether Lindsey Lohan is in or out of jail and don’t worry about our proportion of wealth.
How else can you explain a situation where four people say to sixteen, we’ll take 8.4 of every 10 units of housing, health care, vacations, dining out, cars, insurance, savings, etc. and the sixteen of you figure out how to divide up the remaining 1.6 units.
How long can this go on? What eventual ripple effects can we anticipate from this growing gap between the “haves” and “have-nots”?