Saturday, 6 October 2012

The American Gulf

Eleven charts that explain the economy in America.

A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent.

The richest controls 2/3 of America's net worth

In 2007, the bottom 60% of Americans had 65% of their net worth tied up in their homes. The top 1%, in contrast, had just 10%. The housing crisis has no doubt further swelled the share of total net worth held by the super-rich.

Winners Take All

The super-rich have grabbed the bulk of the past three decades' gains.

Aevrage Household income before taxes.

A Harvard business professor and a behavioural economist surveyed 5,000 Americans on how they thought wealth is distributed in the US. Most thought that it’s more balanced than it actually is. 

Average Income by Family, distributed by income group.

The reason Washington is closer to Wall Street than Main Street.

median net worth of american families, median net worth for mebers of congress, your odds of being a millionaire, member of congress's odds of being a millionaire

 MEMBER                                           EST. NET WORTH
Rep. Darrell Issa (R-Calif.)                $451.1 million
Rep. Jane Harman (D-Calif.)            $435.4 million
Rep. Vern Buchanan (R-Fla.)            $366.2 million
Sen. John Kerry (D-Mass.)                $294.9 million
Rep. Jared Polis (D-Colo.)                $285.1 million
Sen. Mark Warner (D-Va.)                $283.1 million
Sen. Herb Kohl (D-Wisc.)                  $231.2 million
Rep. Michael McCaul (R-Texas)       $201.5 million
Sen. Jay Rockefeller (D-W.Va.)        $136.2 million
Sen. Dianne Feinstein (D-Calif.)       $108.1 million

Combined net worth:                               $2.8 billion
10 Richest Members of Congress
100% Voted to extend the cuts

For a healthy few, it's getting better all the time

Gains and Losses in 2007-2009, Average CEO Pay vs. Average Worker Pay

A millionaire's tax rate, now and then. Share of Federal Tax revenue

Productivity has surged, but income and wages have stagnated for most Americans. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.