It seems like every month the number of people who are unemployed, or in need of food stamps soars to record new levels, while corporate profits continue to skyrocket. Attempting to describe the gargantuan disparity in wealth that exists in the United States is increasingly difficult. Ordinary words can not adequately convey how enormously skewed the distribution of resources in our nation has now become. Currently 1% of our population now possess 40% of the wealth, while the bottom 80% of us own just a scant 7%.
Plutocracy Reborn on Steroids
Almost three years ago I wrote a popular post entitled: Plutocracy Reborn: US Wealth Inequality Gap Largest since 1928, which articulated just how these massive differences in income and wealth create a dangerously unstable economy. Even though the financial state of many working families was increasingly dire and precariously volatile back then, inconceivably, now the huge inequities rampant throughout our country’s economy have become even more extreme.
Recently Mashable published this compelling video that illustrates just how incredibly distorted the warped distribution of wealth chasm has become across our nation, especially when compared to how most people believe things are. A Harvard economist questioned thousands of people about their perceptions of income inequality in our country, what they believed would be the ideal equitable resource distribution, versus what is actually our brutally harsh financial reality.