Inequality and the 1% by Danny Dorling

Author:Danny Dorling [Dorling, Danny]
Language: eng
Format: epub
ISBN: 978-1-78168-586-0
Publisher: Verso Books
Published: 2014-10-07T04:00:00+00:00

Figure 4.7 Wealth in the USA: it’s the Inequality, Stupid

By 2012 it had become apparent that these graphics, publicised widely in the US during 2011, were badly out of date. Using data for 2010, Edward Nathan Wolff of the University of New York showed that the bottom 40 per cent of US households were now usually in debt, with their debts averaging $14,800 non-home wealth per household; in contrast the middle 20 per cent had wealth averaging only $12,200 per household (a quarter less than in 1983); the next 20 per cent had $100,700 per household; and the top 20 per cent $1.7 million each on average (almost double the figure for 1983 in real terms). If Figure 4.7 were redrawn using these numbers, the bottom half of Americans would all be drowning in the Atlantic when it comes to depicting their negligible wealth holdings no matter how they were measured.100

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