Peak Inequality and the Impoverishment of Society
* Essay: Peak Inequality: The 0.1% and the Impoverishment of Society. David DeGraw.
adapted excerpt from the book, The Economics of Revolution.
"An extensive analysis of economic conditions and government policy reveals that the need for significant systemic change is now a mathematical fact. Corruption, greed and economic inequality have reached a peak tipping point. Due to the consolidation of wealth, the majority of the population cannot generate enough income to keep up with the cost of living. In the present economy, under current government policy, 70% of the population is now sentenced to an impoverished existence."
The essay presents a shocking case about inequality in the U.S that has been climbing in recent years and the deteriorating conditions for the unfortunate 99%:
“The latest comprehensive look at wealth distribution data reveals that the “ultra-rich” economic top 0.01% of US households now has an all-time high 11.1% of overall wealth. The next tier, the 0.1% – 0.99% has 10.4%, and the top 1% – 0.9% has 18.3%. In total, the top 1% now has an all-time high 39.8% of wealth.”
“In the present economy, it is impossible for 70% of the working age population to earn enough income to afford basic necessities, without taking on ever-increasing levels of debt, which they will never be able to pay back because there are not enough jobs that generate the necessary income to keep up with the cost of living. For every 3.4 working age people, there is only one that can generate an income high enough to cover the cost of living without taking on debt. In total, only 20% of the overall population currently generates enough income to sustain the cost of living. As a result, poverty and declining living standards are much more prevalent throughout US society than the government and corporate media report.”
“Beyond unemployment and underemployment, the percentage of full-time working poor has grown significantly. US workers are presently producing twice as much wealth per work hour than they were in 1980. Instead of median incomes doubling since then, they have stagnated. The gap between wealth production and median income is now at an all-time high.”
To make inequality worse there is more wealth that is hidden:
“However, to get a more complete understanding of how corrupt the global economic system is, we also need to factor in wealth that is hidden from public view. Disregarding trillions of dollars in hidden wealth just because the wealthy have the ability to illegally hide it is an absolute injustice.”
and a new form of aristocracy formed:
"We now live in a neo-feudal society. The evidence is undeniable. The indentured servant is now the indebted wage slave. A recent scientific study revealed that the United States government is subservient to the whim of the .01%. Political office is now merely a stepping-stone and initiation process that politicians go through to be accepted into the aristocracy."