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.
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.
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.
The reason Washington is closer to Wall Street than Main Street.
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
For a healthy few, it's getting better all the time
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.