The Font recently posted an article – “Why Your Struggle is Invisible” – which documented how officials and organizations hide in plain site, the difficult economic realities of life such as Inequality and Income disparity. These are common themes these days, but little is ever done about them, and indeed they continue to worsen.
The original post was based on a Credit Suisse global wealth report from 2013. I came across an article recently published by Forbes Magazine in April 2021.
A couple of highlights from it,
- the wealthiest 1% of Americans controlled about $41.5 trillion according to Federal Reserve data released September 2021.
- the net worth of all households and nonprofit organizations in America was $136.9 trillion.
Therefore, 99% of Americans have $95.4 trillion in wealth (Tr $136.9 – Tr $41.5)
This means that the top 1% of Americans own 44% of the combined wealth of everyone else (the 99%) in that country, that is getting on to half the wealth. This hardly seems a believable statistic for life in a supposedly civilized society.
We all sort of know about these things but the problem is only getting worse . Why is that? Aren’t there supposed to be people to report on and prevent these types of things – the media, politicians, regulatory authorities?
Forbes Magazine reports further from the 2019 data recently released by the Federal Reserve. Quite openly, and without alarm, Forbes notes the following sickening fact –
“For all Americans, the average net worth is $746,820, but the median net worth for all Americans is just $121,760“.Forbes Magazine 2021 – quoting from Federal Reserve data
It surely takes little thought or investigative effort at all to realize that officially published figures from the Federal Reserve simply can not be a true and correct picture of reality. If the Federal Reserve is openly releasing fairy tale information, what other government information about modern life is fairy tale? Well, we know that answer already – all of it right? Massive military budgets for “defence”, tax payer bail outs of corrupt financial institutions, unalterable support for guns and Israel just to name a few.
Check out official figures next time you see a financial article or simply google something financial. In almost every article you will see wealth and poverty and income figures quoted as “average” or “per capita” – rarely will the figures include the “median”. There’s a very good reason for this.
If the average wealth of all American’s really was almost three-quarters of a million dollars, who would be unhappy about that? Based upon these figures, Americans are being told that they have, on average, $747,000 worth of wealth – d they really?
Even the homeless? Do you have that much? That is equivalent to owning quite a nice house a mortgage free I would think, especially if located out of the big city centres.
This was the point made in my previous “Why Your Struggle is Invisible” post mentioned above – that “per capita” or “average” wealth and income figures are highly misleading and, as inequality continues to increase, will become even more misleading. That is why they are so frequently quoted – to mislead you.
It doesn’t matter which ethnicity or age group or education level you belong to or attain – a huge disparity between officialdom and reality exists across the board in most nations, but it is particularly bad in the United States, where inequality is the worst in the western world.
Here is US breakdown by age according to Forbes. The final column, % disparity, I added myself and it calculates what your actual wealth is as a percentage of the wealth you are being told you have.
In a perfect society the Median and Average would be the same. They never are and the gap continues to widen.
Across all Americans, the Fed data reports that people’s actual wealth is $121,760 whereas their officially reported wealth is $746,820. That is a huge gap any way you look at it. This gap is like you have just $16.30 in your wallet or bank account, but you are being told, and it is being widely reported that you have $100. Big difference right?
|Younger than 35||$76,340||$14,000||18.3%|
But not to worry. Poor and struggling people can save up for a subscription to Forbes Magazine to get some highly useful tips on how to increase your worth and get ahead in life, as seen in the following article extract from the same article,
“How to Increase Your Net Worth
Though your net worth will fluctuate over time, there are a number of tried-and-true methods for increasing your net worth, including:
• Pay off debt. Reducing your total liabilities will increase your net worth, even if your asset level stays the same.
• Maximize your retirement contributions. Not only will you increase the amount of assets you have, but you may also reduce your current tax burden.
• Cut expenses. If you spend less money, you keep more of it, which adds to your amount of total assets.
• Increase your income. Provided you do not also increase your spending, a higher income will enable you to save and invest more, which can raise your net worth.
• Learn to invest wisely. For most people, saving money alone isn’t enough to increase their assets over time. At least some of that money must be invested to give yourself the opportunity to build true wealth over time.”
WOW! You can see these Forbes people must have been the leading graduates from Harvard business school right? I mean, who would have thought that you can get ahead in life by “increasing your income” and/or “cutting expenses”? Or by borrowing less? Such incredible wisdom.
These little gems of wisdom would be well worth the high cost of the glossy Forbes magazine right?
Just in case you have some money left over from your Forbes subscription, you can follow their final piece of advice concerning what to do with your spare money – “invest wisely.”
You know, playing the stockmarket is for everyone! Just take your precious little few dollars and get stuck into share trading! What’s holding you back?
This article confirms what is already known by rich people and widely felt by struggling ones,
Elites from all parts of society are totally out of touch with the reality of the masses – they live in their own small world that the other 99% of us will never have any understanding of, yet alone be part of. And no attempt is made to even hide inequality and elitism any more. This Forbes article, and the thinking of the authors just rubs the struggle of the 99% into their faces….with unconcealed laughter.
Do you realize what a billionaire is? If you think a billionaire is just someone slightly richer than a millionaire, understand that the difference is much more than that – one billionaire has the same wealth as a thousand millionaires combined. Sit down right now and start to write down the names of one thousand people. After writing down one thousand names, remember that each name is a millionaire and once you have taken several hours to write all these names, realize that you have only written down the name of just ONE billionaire.
We are supposed to be aided and protected by our political and media representatives, in order that the worst of societal forces out of our control, pass us by without undue harm. But the opposite of that happens in reality. Political classes pass tax cuts for the already wealthy and pass legislation that enables the crippling effects of elite greed to pervade further and further into the lives of everyday people. Endless wars are promised to be ended, but military budgets constantly increase. Our mainstream media stand by and do nothing. In fact they facilitate the whole process.
What is there to do about this? Send this post to a friend – what do they think? Find out the name of your Congressperson or Senator and write them an email, preferably in conjunction with and signed by a group of people. Group votes are important especially if you live in a swing state.
Start a discussion. We can’t complain forever. We have to take even tiny actions ourselves. No one else is going to help you. If you don’t do even a little thing, then you have no right to ever complain.