zerohedge.com / Via Global Macro Monitor / Jun 18, 2017 3:40 PM
The last words my father spoke to me before he died in 1996 was, [“Gregor], somebody is going to have to do something to help the poor.”
Fast forward to 2017. Never has the wealth gap in America been so wide. This creates the initial conditions for a very uncertain and potentially unstable and explosive political and economic future.
I just woke up, for example, to see these two articles juxatposed on my news aggregator.
Why does America have so many hungry kids? – CNN
Summer in the Hamptons: Oysters, Rosé, and Helicopter Noise? – WSJ
One article is about how 13 million American children go to bed hungry every night and the other is about the 1 percenters, who are now taking helicopters to their Hampton summer homes to avoid traffic. What in the hell is happening to our country?
Average wealth has increased over the past 50 years, but it has not grown equally for all groups. Between 1963 and 2013, families near the bottom of the wealth distribution (those at the 10th percentile) went from having no wealth on average to being about $2,000 in debt, those in the middle roughly doubled their wealth—mostly between 1963 and 1983, families near the top (at the 90th percentile) saw their wealth quadruple, and the wealth of those at the 99th percentile—in other words, those wealthier than 99 percent of all families—grew sixfold. – Urban Institute