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A few weeks ago I attended the Bridge Alliance Conference in Washington DC and spoke to several very impressive millennials.
I interviewed these very talented millennials and young people who are our new activists.
I found it refreshing that they were all positive about the future and intended to do positive things. They had no desire to move backward. Most importantly they had no fear. Click on their names for their respective interviews that were played in the show.
- Afia Yunis: Owner Principal of Yunus Law P.C.
- Arshia Mehta: Co-founder of Youthivism.
- Brialle Ringer: Partner at Living Room Conversations.
- Ellen Moorehouse: Grassroots Communication Manager at Represent.us.
- Kevin Hurtado: Development Manager at Andrew Goodman Foundation.
- Rebecca Trout: Program Director at National Civic League.
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‘Staggering’ New Data Shows Income of Top 1% Has Grown 100 Times Faster Than Bottom 50% Since 1970
“The bulk of a generation of economic growth has been captured and concentrated in a few hands, and many people have barely seen any of it.”
New data released Monday explains the numbers behind Sen. Bernie Sanders’ often-cited statistic that the three richest Americans hold more wealth than the 160 million people who make up the bottom 50% of the population.
Washington Post columnist Greg Sargent published what he called “stunning” findings from Stanford University economist Gabriel Zucman, showing how both an explosion in annual earnings by the rich and an increasingly regressive tax structure have combined to allow the top 1% of Americans’ wealth to triple over the past five decades.
Meanwhile, working people are taking home just $8,000 more per year than they did in 1970.
In what Sargent called “the triumph of the rich, which is one of the defining stories of our time,” the richer a household is, the more its take-home wealth has grown in the past 50 years.
New data:
— Greg Sargent (@ThePlumLineGS) December 9, 2019
For top 1%, average income has risen by $800,000 since 1970.
For top 0.1%, it has risen by $4 million.
For top .01%, it has risen $20 million.
Bottom 50%? $8,000.
All this is *after taxes and transfers.*
Great work from @gabriel_zucman:https://t.co/iaxntlHdvl
The top 1% of earners make an average of more than $1 million per year after accounting for taxes they pay, a 50-year increase of more than $800,000—100 times the growth rate of the bottom 50%.
The wealth of the top .1% is five times larger than it was in 1970, while that of the top .01% is seven times larger, at over $24 million in 2018.
Zucman and fellow economist Emmanuel Saez, his co-author of the new book “The Triumph of Injustice,” provided a chart showing how each group of earners’ take-home pay has changed since 1970. The wealthiest Americans’ assets skyrocketed by millions of dollars even in the first decade of the 21st century—when people in the bottom 50% saw their average take-home income decrease.
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