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The Rich Get Richer…

“The rich get richer and the poor get poorer” is a catchphrase and proverb, frequently used (with variations in wording) in discussing economic inequality. Its most common use is as a synopsis of socialist criticism of the free market system (or “Capitalism”), implying the inevitability of what Marx called the Law of Increasing Poverty.

The Rich Get Richer...Andrew Jackson, in his 1832 bank veto, said that

“When the laws undertake… to make the rich richer and the potent more powerful, the humble members of society… have a right to complain of the injustice to their Government.”

William Henry Harrison said, in an October 1, 1840 speech,

“I believe and I say it is true Democratic feeling, that all the measures of the government are directed to the purpose of making the rich richer and the poor poorer.”

In 1821, Percy Bysshe Shelley argued, in A Defence of Poetry (not published until 1840), that in his England, “the promoters of utility” had managed

“To exasperate at once the extremes of luxury and want. They have exemplified the saying, “To him that hath, more shall be given; and from him that hath not, the little that he hath shall be taken away.” The rich have become richer, and the poor have become poorer; and the vessel of the State is driven between the Scylla and Charybdis of anarchy and despotism. Such are the effects which must ever flow from an unmitigated exercise of the calculating faculty.”

The phrase resembles the Bible verse

“For whosoever hath, to him shall be given, and he shall have more abundance: but whosoever hath not, from him shall be taken away even that he hath.”

Did you know? …

• 90% of the worlds wealth is held by 1% of the population

• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.

• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.

• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.

• 36 percent of Americans say that they don’t contribute anything to retirement savings.

• A staggering 43 percent of Americans have less than $10,000 saved up for retirement.

• 24 percent of American workers say that they have postponed their planned retirement age in the past year.

• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.

• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.

• For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.

• In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.

As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.

• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.

• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.

• In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.

• The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.

• In America today, the average time needed to find a job has risen to a record 35.2 weeks.

• More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.

• or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.

• This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.

• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.

• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.

• The top 10 percent of Americans now earn around 50 percent of our national income.

Comments

One Response to “The Rich Get Richer…”
  1. Abdessamad says:

    I don’t find other possible saying to add to this short but great article , everything seems to be clear needless to continue arguing there will be no social justice until we rethink about other potential systems to regulate our economy , i just want to comment the picture who catched my attention & played fully their role to illustrate what happens to the Middle classes who are struggling during the crisis : If the rich are getting richer then pray for the invisble hand told earlier by Adam smith to save you before the next boom .

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