They're now buying elections as efficiently as they once had to settle for buying politicians (or judges) and they're buying their way to ever dizzying heights of aberrant prosperity.
They're the top one-tenth of the top one per cent and, thanks to rampaging inequality in the United States, their wealth today is about the same as the bottom 90%.
And spare us the nonsense about a rising tide lifting all boats.
The growing indebtedness of most Americans is the main reason behind the erosion of the wealth share of the bottom 90%, according to the report’s authors. Many middle-class families own their homes and have pensions, but too many have higher mortgage repayments, higher credit card bills, and higher student loans to service. The average wealth of bottom 90% jumped during the stock market boom of the late 1990s and the housing bubble of the early 2000s. But it then collapsed during and after the most recent financial crisis.
Since then, there has been no recovery in the wealth of the middle class and the poor, the authors say. The average wealth of the bottom 90% of families is equal to $80,000 in 2012— the same level as in 1986. In contrast, the average wealth for the top 1% more than tripled between 1980 and 2012.
Yes, America is the extreme case when it comes to inequality but it sets the course for America's key trading partners also. Oh well someone has to bear the cost of remaining "competitive" in our globalized economy and those on the top have the means to ensure it's not going to be them.