Income Inequality Is Worse Than B4 Great Depression (Script & Sources)
Added 2021-02-23 02:30:16 +0000 UTCAmerica is number one! In income inequality in the developed world. In the last year, we’ve seen the average middle class family go bankrupt while the richest 660 people in the US have almost TWICE as much money as the entire bottom 50% or 165 million Americans.
And for some reason, people are claiming that the economy is doing well because the stock market is doing well? Okay, according to stats collected by the Institute for Policy Studies, in the last year half a million people died, 73 million people lost work, 36 million were on unemployment, 12 million lost their health insurance, between 8 and 12 million children lived in a household that couldn’t afford to feed them, and 14 million people, or a fifth of all renters, were behind on rent.
In the exact same time period, the top 660 billionaires saw their wealth increase by $1.1 trillion dollars. And they put it in the stock market, which has been artificially backed by interest-free loans from the Federal Reserve that started in March. And since 90% of the money in the stock market is held by the top 10% of Americans, the stock market just reflects how much money the richest people in America have.
And not just in the last year, but in the last 35 years you may have noticed that only the ultra-wealthy have seen their wealth increase, while the GDP has remained stagnant and the middle class has seen their income growth collapse. And not to scare you, but it’s doing so in exactly the same way it was immediately before the Great Depression when the top 1% [CORRECTION: 0.1%] controlled an outrageous 25% of all the wealth. The difference is that today, they control 38.6%.
