Drudge Retort: The Other Side of the News
Monday, November 28, 2016

It's no secret that the U.S. has an inequality problem. But actually looking at the disparity between the top and the bottom can still be staggering. Deutsche Bank's chief international economist Torsten Sløk sent around a chart in a recent note to clients showing the share of U.S. household wealth by income level. Notably, the top 0.1% of households now hold about the same amount of wealth as the bottom 90%. "U.S. wealth ownership has changed significantly over the past several decades," Sløk wrote.

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If you look at the chart you see the bottom 90% has been losing ground since 1990. The wealthy have been gaining since 1980. This has occurred under 2 Democrat and 2 Republican administrations. 30 years of SSDD. I think this is why Bernie and Trump were such popular candidates. Hillary and Jeb represented the status quo. People were tired of the status quo.

#1 | Posted by Whizzo at 2016-11-27 09:50 PM | Reply | Newsworthy 2

Bernie Sanders Amazing Speech Dec 02, 2010
youtu.be
[13:09]

Bernie talked about all this on the floor of the Senate: Bush Tax Cuts, wealth redistributed to the top since the 1970s, outsourcing of jobs, lobbyists, donors, etc.

#2 | Posted by PinchALoaf at 2016-11-27 10:06 PM | Reply | Newsworthy 2

Bernie is damn good in that Dec 02, 2010 speech !

#3 | Posted by PinchALoaf at 2016-11-27 10:21 PM | Reply

Thanks to free trade and neoliberalism policies and endless wars.

Both Dems and repubs have sold out to the top of the 1 percent.

#4 | Posted by PunchyPossum at 2016-11-27 11:21 PM | Reply | Newsworthy 1

"Both Dems and repubs have sold out to the top of the 1 percent."

That is utter nonsense. What really happened? We let Ronald Reagan convince millions of American that lowering taxes on the wealthiest Americans would somehow benefit them. Then, after he died, an entire movement was formed to annoint him as a "great man" or a 'great truth teller." In fact he was a "great liar." Our country is poorer today because of Ronald Reagan, when our people finally recognize that we will recover, not until. Let me just say this in parting, "I honsestly hate Ronald REagan."

#5 | Posted by danni at 2016-11-28 02:18 AM | Reply | Newsworthy 4

#4 | POSTED BY PUNCHYPOSSUM

absolutely true. PP, you will make no friends thinking outside the politically defined boundaries. You must pick one side to blame things on, that's the way it works.

You are a moral man, but you vote for the most immoral man to ever sit in the president's chair? That can only happen if you disregard character and follow the prescribed political party path.

#6 | Posted by kudzu at 2016-11-28 08:55 AM | Reply

How rich do you have to be to be in the 1% money.cnn.com

#7 | Posted by BruceBanner at 2016-11-28 10:00 AM | Reply

And supposedly we have had 8 years of the left telling us they would fix this...LOL!

The population of this country see this and knew Hillary would just continue the same ole thing.

To have less crime, less poverty, less almost all the negatives one must embrace change and alternatives instead of following party partisanship.

#8 | Posted by Crassus at 2016-11-28 10:10 AM | Reply | Newsworthy 1

Who better to solve this income inequality than our billionaire president-elect with his Cabinet of billionaires?

#9 | Posted by rcade at 2016-11-28 10:37 AM | Reply

Who better to solve this income inequality than our billionaire president-elect with his Cabinet of billionaires?

All the answers are in Clinton's Goldman speeches. Hopefully he'll just follow the playbook.

#10 | Posted by Ben_Berkkake at 2016-11-28 10:51 AM | Reply | Funny: 2

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Perhaps they should be doing 90% of the work.

#11 | Posted by TenMile at 2016-11-28 10:52 AM | Reply

"Both Dems and repubs have sold out to the top of the 1 percent."

That is utter nonsense.We let Ronald Reagan convince millions of American that lowering taxes on the wealthiest Americans would somehow benefit them.

#5 | POSTED BY DANNI

Then Obama signed off to make the Bush tax cuts permanent. Wasn't that great!?

#12 | Posted by Whatsleft at 2016-11-28 12:05 PM | Reply | Newsworthy 1

"We let Ronald Reagan convince millions of American that lowering taxes on the wealthiest Americans would somehow benefit them."

"To have less crime, less poverty, less almost all the negatives one must embrace change and alternatives instead of following party partisanship."

To be in the global 1%, you only need be a part of a household making more than ~$34K per year. Roughly 70% of Americans are in the global 1%. If you are a single person household living at poverty level in the US, you're enjoying the global median household income. And you're doing so in a country where, at that income, you are awash with taxpayer provided benefits.

If redistribution needs to occur in order to reduce crime and poverty, the US should be the last place to focus. Like pretty much every other country on earth. place like India...most of Africa. Countries with people who are experiencing real, unmitigated poverty. Not the phenomenon of being less rich than your neighbors...that's a rich people problem. A problem that much of the world would love to have.

#13 | Posted by madbomber at 2016-11-28 12:35 PM | Reply

And supposedly we have had 8 years of the left telling us they would fix this...LOL!
The population of this country see this and knew Hillary would just continue the same ole thing.
To have less crime, less poverty, less almost all the negatives one must embrace change and alternatives instead of following party partisanship.

#8 | POSTED BY CRASSUS AT 2016-11-28 10:10 AM | FLAG: | PFFFTTT

Screw you CRAPSUS... you installed Bush2 into office to fix what wasn't broken... something about a surplus that got in your craw... then the whole abandon free market principals to save it... we all know how well that went.

oh and BTW Obama is leaving office with a high favorablity rating... whilst Trump is entering with a low one.

#14 | Posted by RightisTrite at 2016-11-28 12:38 PM | Reply | Newsworthy 1

To blame Obama's lack of success on fixing the economy due to his own lack of initiative is stupid on two fronts. First of all, the recovery, albeit slow and not as impressive as some would like, was a correction from a deep ditch and a phenomenal feat that you lament. We were basically in a depression but Obama's policies were enough to not make it feel as bad as the 1930s. Secondly, to not blame a better, more robust economic recovery on anything else but GOP obstruction specifically ordered to make Obama look bad, is being either disingenuous, or being the type of sucker that voted for Trump, thus voting again against their best interests.

Any other narrative is poppycock.

#15 | Posted by bocaink at 2016-11-28 01:03 PM | Reply | Newsworthy 6

#4 | Posted by PunchyPossum at 2016-11-27 11:21 PM
---

Outsourcing is a myth, it was all automation bro. /sarc

#16 | Posted by LIVE_OR_DIE at 2016-11-28 01:25 PM | Reply

#16

Automation is just another form of free trade. At the end of the day, it seems that most economic progressives lean Luddite; favoring a system where a strong central government preserves obsolete jobs for the sake of those who have nothing to offer but obsolete labor.

#17 | Posted by madbomber at 2016-11-28 03:34 PM | Reply

Outsourcing is a myth, it was all automation bro. /sarc

#16 | POSTED BY LIVE_OR_DIE AT 2016-11-28 01:25 PM | FLAG:

I guess you could move on to reading some of the data since you're done with the funny stuff.

But I guess you won't

#18 | Posted by BruceBanner at 2016-11-28 03:48 PM | Reply

If redistribution needs to occur in order to reduce crime and poverty, the US should be the last place to focus. Like pretty much every other country on earth. place like India...most of Africa. Countries with people who are experiencing real, unmitigated poverty. Not the phenomenon of being less rich than your neighbors...that's a rich people problem. A problem that much of the world would love to have.

#13 | POSTED BY MADBOMBER

Let me know when we can start voting in their elections.

Frankly though this is like saying we shouldn't fix the anything here at home because the neighbors have it worse.

#19 | Posted by Sycophant at 2016-11-28 04:58 PM | Reply | Newsworthy 3

Outsourcing is a myth, it was all automation bro. /sarc
#16 | POSTED BY LIVE_OR_DIE AT 2016-11-28 01:25 PM | FLAG:
I guess you could move on to reading some of the data since you're done with the funny stuff.
But I guess you won't

#18 | POSTED BY BRUCEBANNER

The data is that even if production comes back in part, it will be automated.

#20 | Posted by Sycophant at 2016-11-28 04:58 PM | Reply

Went to the class reunion.

Of over 1000 graduates, easily half are in the same tax bracket as their parents.
I'm betting about 200 are above their parents tax bracket and about 30 are earning easily 250k or more.
Another 200 are below their own parents' bracket.

Difference?

The same or less crowd got drunk that night. It's a common weekend thing. I've seen it for decades.
They don't have a lot of money, but enough to drink. and smoke. and whatever.

Didn't hear too many complain. It's life and they live it. They are mostly happy, or it is a good disguise.

Those that improved their lives were the top students in the school and became doctors, engineers, construction companies, entrepeneurs, etc. They worked harder than everyone else in school then and are outperforming them now. I know many as I'm with them. A lot of work and no play. Work and school at the same time, double jobs after college to pay the loans and get started.

Difference at graduation - not income, we didn't have any. We all lived within walking distance of the school as they were neighborhood schools. The housing was the same around the schools. No one financially was above the others.

When I look at the even playing field from my past, the choices made the difference. Bad choices had bad outcomes. Good choices had good outcomes.

One memory stands out. One kid, a real dull person. Took home every text book, work book, and copy book every day. He studied and had straight A's. Had no life. He couldn't come out and play. He's the richest in the class.

#21 | Posted by Petrous at 2016-11-28 05:49 PM | Reply

What are the actual ethnic demographics of the top 0.1%, that has more wealth than the bottom 90%, yet the top 0.1% perpetually claims to be victims of discrimination. Give me a break. The richest are not now and never will be the primary victims of discrimination except to use it as a wedge issue to get even richer. The victims are always the poorest amongst us, regardless if they are clueless or blind.

#22 | Posted by Robson at 2016-11-28 07:46 PM | Reply | Newsworthy 1

To have less crime, less poverty, less almost all the negatives one must embrace change and alternatives instead of following party partisanship.

#8 | Posted by Crassus

Yeah. That was called VOTING FOR BERNIE.

Trump was for voters who wanted change alongside a supersized helping of cruelty and anger.

#23 | Posted by SpeakSoftly at 2016-11-28 09:48 PM | Reply | Newsworthy 1

Not the phenomenon of being less rich than your neighbors...that's a rich people problem. A problem that much of the world would love to have.

#13 | POSTED BY MADBOMBER

That's only a symptom of the problem. The problem is the rich buying the government. When the working man has no representation, he has no hope.

Saying "other countries are worse" is the plutocrats propaganda technique to make you allow their corruption and rigging of the economy. You must be rich yourself to repeat that crap. Or really gullible.

#24 | Posted by SpeakSoftly at 2016-11-28 09:51 PM | Reply | Newsworthy 4

You must be rich yourself to repeat that crap. Or really gullible.

I'm betting the latter.

The technical term is "useful idiot".

#25 | Posted by jpw at 2016-11-29 12:24 AM | Reply

The data is that even if production comes back in part, it will be automated.

Innovation follows manufacturing.

Those who build things gain first hand experience as to how to make things better and how to build better things. Even if manufacturing is automated when/if it returns to the US, it will be good for America because it will be American engineers and managers that decide the way forward; not Chinese; not German, etc.

Building things in China for export to the rest of the world, allowed Chinese engineers to gain that first hand knowledge. Now their middle class is growing and ours is stagnating/declining; all because our politicians sold us out to their Corporate bosses. It didn't have to be that way. Our politicians did not have to encourage companies to offshore manufacturing by giving them tax breaks. Our politicians did not have to encourage companies to offshore manufacturing by allowing them to ditch their responsibilities to displaced workers leaving it up to the American taxpayer to take care of them.Our politicians did not have to encourage companies to offshore manufacturing by allowing them to import products that undermined our unions, environment, etc.

I don't blame the companies for our sad state of affairs because when one company does it, they all must follow or be placed at a competitive disadvantage. I blame politicians.

#26 | Posted by FedUpWithPols at 2016-11-29 07:40 AM | Reply

That's only a symptom of the problem. The problem is the rich buying the government. When the working man has no representation, he has no hope.

It is bad enough that the working man elected a lying corrupt outsourcing illegal immigrant hiring 1%er to the presidency on the false hope that he will fix it by cutting taxes on the rich, raising taxes on the poor, taking away health insurance for the poor and elderly, cutting the retirement safety net, rolling back bank regulations and gutting the education system.

This nation is indeed ------.

#27 | Posted by 726 at 2016-11-29 08:42 AM | Reply

"It is bad enough that the working man elected a lying corrupt outsourcing illegal immigrant hiring 1%er to the presidency on the false hope that he will fix it by cutting taxes on the rich, raising taxes on the poor, taking away health insurance for the poor and elderly, cutting the retirement safety net, rolling back bank regulations and gutting the education system."

well, when you put it that way.....

#28 | Posted by eberly at 2016-11-29 08:44 AM | Reply

Top 0.1% Has Same Wealth as Bottom 90%

Cue the crying that the top .1% pays 80% of the taxes.

#29 | Posted by 726 at 2016-11-29 08:45 AM | Reply | Funny: 1 | Newsworthy 1

Any Rethug will tell you it's not the 0.1%'s fault or Capitalism. It's the fault of welfare queens and socialism.

#30 | Posted by nutcase at 2016-11-29 07:20 PM | Reply

"Top 0.1% Has Same Wealth as Bottom 90%". So, what do you suggest, just take from those successful in life and hand it to those who are not? Oh, wait, that's what the govt has been doing for years -- and how well has that been working out?

#31 | Posted by MSgt at 2016-11-29 11:42 PM | Reply

#31- Actually, and I know this is not popular, but there are many historic precedents we can turn to for at least and example of WHAT NOT TO DO.

During the Greek, Roman, Persian, Byzantine, Song, Han, Aryan Dynasties (etc...), all experienced a similar thing, it went like this;

1) you start out with a paternalistic society that becomes top-heavy (and corrupt),
2) in one way or another, more and more are taken from the serfs and deposited at the bloated top,
3) serfs stop fighting for the empire,
4) empire falls to the next army that comes along.

it has happened over and over again.

And Jesus didn't save any of them from their own folly.

#32 | Posted by kudzu at 2016-11-30 07:10 AM | Reply

#21

There is some truth to that but bad things can happen despite good decisions. I certainly didn't decide to get MS have to go two years with almost no income and wipe out my savings.

However good decisions do help as I had the savings to wipe out and now that I am back working I'm building it back up quickly. Having something like MS that could take away my ability to work at any time gives me a good perspective on how to hold on to my money with both hands. Not that I recommend getting MS but a good hunk of the US population could learn a lesson on what they need to spend money on vs. what they do spend money on.

#33 | Posted by TaoWarrior at 2016-11-30 07:31 AM | Reply | Newsworthy 1

I forever love the wisdom, insight, strength and humanity of Tao....

You chose your moniker very well.

#34 | Posted by tonyroma at 2016-11-30 07:43 AM | Reply

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