All men are created equal (but unequal parental wealth and schooling quickly fixes that)

On, Michael Snyder lists (with citations) “22 Statistics That Prove The Middle Class Is Being Systematically Wiped Out Of Existence In America” (I’ve skipped a few):

  1. 83% of U.S. stocks are in the hands of 1 percent of the people
  2. 61% of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007
  3. 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans
  4. 36% of Americans say that they don’t contribute anything to retirement savings
  5. 43% of Americans have less than $10,000 saved up for retirement
  6. 24% of American workers say that they have postponed their planned retirement age in the past year
  7. Over 1.4 million Americans filed for personal bankruptcy in 2009
  8. Only the top 5% of U.S. households have earned enough additional income to match the rise in housing costs since 1975
  9. For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together
  10. In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one
  11. As of 2007, the bottom 80% of American households held about 7% of the liquid financial assets
  12. The bottom 50% of income earners in the United States now collectively own less than 1% of the nation’s wealth
  13. the average federal worker now earns 60% as much as the average worker in the private sector
  14. The top 1% of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago
  15. the average time needed to find a job has risen to a record 35.2 weeks
  16. More than 40% of Americans who actually are employed are now working in service jobs, which are often very low paying
  17. For the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011
  18. Despite the financial crisis, the number of millionaires in the United States rose a whopping 16% to 7.8 million in 2009
  19. 21% of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years
  20. The top 10% of Americans now earn around 50% of our national income

Posted by James on Friday, July 16, 2010