Doom is in the air in the current financial crisis in America. The growing concentration of wealth will cause the financial elite’s ultimate destruction, because they drain available resources, impoverish other economic participants and kill the economy.
Click on the following link to retrieve the article “Wealthy Disparity in America”.
It follows a synopsis of Pedro Costa’s article published on Forbes on May 29, 2019.
Federal Reserve officials sing the economy’s praises mentioning “full employment” and “low inflation”, but new research from the Fed itself shows the health of the economy is in the eye of the beholder.
Distribution is everything. A steady economic expansion and historically low unemployment can mask income and wealth leaving American families in different financial situations.
The Fed’s report shows the poorest 50% of Americans are crushed by rising inequalities. The top 10% of the wealth distribution — the purple and green areas together — hold a large and growing share of U.S. aggregate wealth, while the bottom half — the thin red area — hold a minute share.
The charts show the total net worth of U.S. households has more than quadrupled in nominal terms since 1989, accruing more to the top of the distribution than the bottom.”
The current financial situation in America seems unsustainable.