Tuesday, May 03, 2016
They Just Don't Get It
The Electorate is Angry - Is It Any Wonder
How can political operatives and pundits continue to express their incomprehension of voter angst expressed in the astonishing rise of Donald Trump. Clearly they are not students of history nor, in spite of their professional positions, students of political science. In addition, they make it abundantly clear that they have no awareness of the plight of a diminishing middle class and and the resulting growth of the underclass living in poverty in our country. How can they not see it?
Recently quoted in a New York Time editorial was a Republical insider with roots in the Regan administration who stated, " I have never seen us to thoroughly screwed up." Another party official said, " Maybe we really do need time in the wilderness to figure out what we don't get about our own voters." Time in the wilderness? How about time on Main Street with people who feel like they are getting nowhere and slogging through increasingly threatening seas?
Here are some statistics which they need to memorize as informative context for any deliberation concerning what has happened to their party and, much more importantly, to our citizens.
In 2012 the mean income of the top 10% of household wealth in the country was $1,318,000.
In 2012 the mean income of the bottom 40% of households was $17,300.
In 2010 1% of the population held 35.4% of all privately held wealth in the US.
The next 19% owned 53.5% of all privately held wealth in the US.
That means that 20% of the population owned 89% of all privately held wealth in the country.
Which in turn means that 11% of the wealth was left for the remaining 80% of the people.
In 1983 the bottom 80% of the population owned 18.7% of the privately held wealth.
In 2010 the bottom 80% held only 11.1%
More information about the top 10%:
The top 10% own 35% of all stock, 64.4% of financial securities, 63.4% of business equity.
In 2010, the bottom 90% of the population owned only 12% of the total investment assets in this country.
So the vast majority of our citizens feel as if they reside in the bottom of the toothpaste tube, having
had all they worked so hard to attain or guarantee slowly but surely squeezed out of their lives.
Next I will report about the changes in real income among the vast majority of citizens since 1980. The bottom line will be that none but the very wealthy have gotten ahead.