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View Diary: Bottom 60% of Americans lost wealth between 1983 and 2009 (63 comments)

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  •  Their (our) share of the wealth decreased. (0+ / 0-)

    That is, the total wealth of the nation increased, but when you break down the population into fifths, you find that the wealthiest 40% increased in wealth, while the rest actually decreased in wealth. So when the nation gained, say, a billion dollars in wealth, out of that billion, nearly $920 million went to the top 10% (the first three bars on that graph), but nearly $100 million went to the next 10%, and another $57 million went to the next 20%.

    So in total, for every $1 billion the nation's private wealth rose, the upper 40% of the population somehow gained over $1.07 billion. Where did that extra $70 million or so come from? It came from wealth lost over the same period by the bottom three fifths.

    That's why, if you add only the positive percentages, the gains by the upper two fifths on this graph, you get more than 100%. The excess is offset by the losses of the lower three fifths.

    Hope that helps.

    Cry, the beloved country, these things are not yet at an end.

    by rcbowman on Sun Sep 25, 2011 at 12:48:01 PM PDT

    [ Parent ]

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