• Wed. Oct 28th, 2020

Monday Night Owls: Nearly 80% of U.S. wealth owned by millionaires and billionaires

ByAdiantku

Sep 29, 2020

Night Owls, a themed open thread, appears at Daily Kos seven days a week

Kenny Stancil at Common Dreams writes—Analysis Shows Nearly 80% of US Household Wealth Owned by Millionaires and Billionaires:

In an analysis of 2019 government data released Monday, policy analyst and blogger Matt Bruenig found that last year, millionaires and billionaires owned 79.2% of all household wealth in the United States despite constituting just under 12% of the population.

Bruenig examined triennial data from the Survey of Consumer Finances, which was released Monday by the U.S. Federal Reserve.

Fresh Survey of Consumer Finances data just released. Millionaires and billionaires continue to own 80 percent of all household wealth. pic.twitter.com/xkmeyoMPCV

— People’s Policy Project (@PplPolicyProj) September 28, 2020

While the share of wealth owned by households with net worths of $1 million or more decreased slightly between 2016 and 2019, it was still much higher than it was in 1989, the year the modern version of the survey began.

Thirty years ago, millionaires and billionaires owned 60.4% of all household wealth in the U.S.

“If we really want to tackle wealth inequality in this country,” Bruenig wrote, “it is this wealth that we need to spread around.”

Researchers at the People’s Policy Project, where Bruenig is president, have proposed doing so through a social wealth fund. […]

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QUOTATION

“Contending with fanaticism does not mean destroying all fanatics, but rather cautiously handling the little fanatic who hides, more or less, inside each of our souls. It also means ridiculing, just a little, our own convictions; being curious; and trying to take a peek, from time to time, not only through our neighbor’s window but, more important, at the reality viewed from that window, which will necessarily be different from the one seen through our own.” ~~Amos Oz, 2018

TWEET OF THE DAY

I think at tomorrow night’s debate, #JoeBiden should start every response by looking at the moderator & saying, “Well, that’s the 750 dollar question, isn’t it?” #DebateTuesday . .

— bettemidler (@BetteMidler) September 28, 2020

BLAST FROM THE PAST

At Daily Kos on this date in 2004—Bush screws National Guardsmen:

All full-time military personnel are eligible for the military’s TRICARE health plan, as are reservists called up for active duty. After After reservists are deactivated, however, they generally lose their TRICARE coverage following a short, transitional grace period. Having the option to buy into the military’s the military’s TRICARE coverage would be attractive to many reservists and their families. as it offers comprehensive policies at very low cost.

In 2002, a General Accounting Office report found that as many as one-fifth of the nation’s 1.2 million part-time soldiers lacked health insurance. This startled many lawmakers into action, and, in May 2003, Senators Tom Daschle and Lindsay Graham successfully pushed for an amendment to the Senate’s version of the fiscal year 2004 Defense Authorization bill that would protect reservists from going uninsured by allowing them to buy into TRICARE when not on active duty. […]

Our National Guardsmen are being asked to sacrifice their lives, jobs and families for Bush’s War, yet allowing them to buy into the military’s health insurance system is a “troubling provision.”

May those assholes rot in hell.

On today’s Kagro in the Morning show: An ALL-NEW show. How could it be otherwise? Dems slow down the Senate. Why not? Black swans are everywhere this year! Caputo & Parscale know it. Plus, Trump’s taxes are in the open. And society’s collapsing. People speaking from experience agree.

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