INEQUALITY EXPRESS

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The Inequality Express

Every gun that is made, every warship launched, every rocket fired, signifies in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed. (President Dwight D. Eisenhower, 15).

Between 147 and 170 all income groups in America experienced economic advancement. In fact, lower income families had higher growth in annual income than families of higher income. However, in the early 170s this pattern changed. The higher income families, mostly within the top 0 percent income bracket, continued to increase there income, while families in the bottom 40 percent, experienced declining incomes.

The difference in income between the lower income brackets and the higher income brackets, which continued through the mid-10s, was due to a slowdown in productivity growth. Profits and wages depend largely on how much we produce, within approximately 5 years, productivity decreased and therefore there was less, which made the wages for the lower income brackets to go down.Do my essay on INEQUALITY EXPRESS CHEAP !

In approximately October of 15, productivity began to increase, averaging .6 percent annual growth since then, and reaching an extremely high growth of 6.4 percent annual rate in the last quarter of 1. For the workers that have been unemployed more then 6 months, dropped dramatically from almost two million in 1 to just 67,000 As of September of 000. "The unemployment rate of high-school dropouts declined from almost 1 percent in 1 to less than 7 percent now. The unemployment rate among blacks is 7. percent, the lowest since the Bureau of Labor Statistics began compiling comparable unemployment data by race in 17." (George Akerloff, University California, Berkely, 00.)

1.1 Distribution of Net Worth (by population segments)

Wealth Class 18 18 1 15 18

Top 1% .8 7.4 7. 8.5 8.1

Next 4% . 1.6 .8 1.8 1.

Next 5% 1.1 11.6 11.8 11.5 11.5

Next 10% 1.1 1.0 1.0 1.1 1.5

Next 0% 1.6 1. 11.5 11.4 11.

Middle 0% 5. 4.8 4.4 4.5 4.5

Bottom 40% 0. -0.7 0.4 0. 0.

Source Edward N. Wolff, Recent Trends in Wealth Ownership, 18-18, April 000. Table . Available on the website of the Jerome Levy Economics Institute at www.levy.org/docs/wrkpap/papers/00.html

1. Change in Average Household Net Worth by Wealth Class

Source Edward N. Wolff, Recent Trends in Wealth Ownership, 18-18, April 000. Table . http//www.levy.org/docs/wrkpap/papers/00.html

1. Household Net Worth by Wealth Class, 18

Wealth Class Average Net Worth Threshold

Top 1% $10,04,00 $,5,100

Next 4% $1,441,000

Next 5% $6,500 $475,600

Next 10% $44,00 $57,700

Fourth 0% $161,00

Middle 0% $61,000

Bottom 40% $1,00 (Negative)

Source Edward N. Wolff, Recent Trends in Wealth Ownership, 18-18, April 000. Table and note to Table 5. http//www.levy.org/docs/wrkpap/papers/00.html

1.4 Top 1% Share of Household Wealth

Source Edward Wolff, Top Heavy, 16, New Series Households data, pp. 78-7 (for years 1-8) and Recent Trends in Wealth Ownership, April 000, Table (for years 1-8) http//www.levy.org/docs/wrkpap/papers/00.html

1.5 Share of Total Ownership of Stocks, Mutual Funds, and Retirement Accounts, 18

Source Edward N. Wolff, Recent Trends in Wealth Ownership, 18-18, April 000. Table 6. http//www.levy.org/docs/wrkpap/papers/00.html

1.6 The Racial Wealth Gap, 18-8

18 18 1 15 18

Median Net Worth

White $71,500 $84,00 $71,00 $65,00 $81,700

African-American $4,800 $,00 $1,000 $7,00 $10,000

Hispanic $,800 $1,800 $4,00 $5,00 $,000

Median

Financial Wealth

White $1,00 $6,00 $1,00 $1,00 $7,600

African-American $0 $0 $00 $00 $1,00

Hispanic $0 $0 $0 $0 $0

Homeownership Rate

White 68.1% 6.% 6.0% 6.4% 71.8%

African-American 44.% 41.7% 48.5% 46.8% 46.%

Hispanic .6% .8% 4.1% 44.4% 44.%

Note Financial Wealth is Net Worth minus the value of owner-occupied housing.

Source Edward N. Wolff, Recent Trends in Wealth Ownership, 18-18, April 000. Tables 8 and . http//www.levy.org/docs/wrkpap/papers/00.html

1.7 Richest Individuals and Families in the U.S., 00

Name Net Worth Source

Bill Gates $4 billion Microsoft

Warren Buffett $6 billion Berksire Hathaway

Paul Allen $1 billion Microsoft

Alice Walton $1 billion Inheritance Wal-Mart

Helen Walton $1 billion Inheritance Wal-Mart

Jim Walton $1 billion Inheritance Wal-Mart

John Walton $1 billion Inheritance Wal-Mart

S. Robson Walton $1 billion Inheritance Wal-Mart

Lawrence Ellison $15 billion Oracle Corp.

Steven Ballmer $1 billion Microsoft

Michael Dell $11 billion Dell Computer

John Werner Kluge $10 billion Metromedia

Forrest E. Mars $10 billion Inheritance Mars Candy

Jacqueline Mars $10 billion Inheritance Mars Candy

John Franklyn Mars $10 billion Inheritance Mars Candy

Source Forbes 400 website http//www.forbes.com/00/0/1/rich400land.html Data retrieved Sept. 0, 00.

1.8 Median Wealth in the U.S. in 18 dollars

Source 18 1 15 18

Arthur B. Kennickel

Federal Reserve Board $5,700 $56,500 $60,00 $71,600

Edward N. Wolff

New York University $58,400 $4,00 $48,800 $60,700

Source Analyses of the Survey of Consumer Finances, conducted every three years by the Federal Reserve Board. Kennickel and Wolff apparently interpret net worth differently. Kennickels work is summarized in Recent Changes in Family Finances Results from the 18 Survey of Consumer Finances, Federal Reserve Bulletin, January 000, available at http//www.bog.frb.fed.us/pubs/oss/oss/8/scf8home.html. Wolffs numbers are from his article Recent Trends in Wealth Ownership, 18-8, Table 1, available on the website of the Jerome Levy Economics Institute at www.levy.org/docs/wrkpap/papers/00.html

1. Total Household Net Worth in the U.S. (in trillions of dollars)

185 186 187 188 18 10 11 1 1

14. 15.8 16.8 18.4 0.1 0.6 1. .8 4.0

14 15 16 17 18 1 000 001 00

(Q)

4.7 7.6 0.1 . 7. 4.4 4.0 41.1 40.1

Source Federal Reserve Board, Flow of Funds Accounts, September 16, 00.

1.10 Number of Millionaires in the U.S.

17 18 1 000 001

1,800,000 ,060,000 ,480,000 ,180,000 ,0,000

Sources Merrill Lynch / Gemini Consulting, World Wealth Report 000, Figure , and Merrill Lynch / Cap Gemini Ernst & Young, World Wealth Report 001, Figure 1.

1.11 Number of Millionaires in the World

17 18 1 000 001

5,00,000 5,00,000 7,000,000 6,00,000 7,100,000

Source Merrill Lynch / Gemini Consulting, World Wealth Report 000, Figure , and Merrill Lynch / Cap Gemini Ernst & Young, World Wealth Report 00, Figure 1.

1.1 Number of Billionaires in the U.S.

16 17 18 1 000 001 00

17 0 07 8 66 8

Source Forbes 400 website http//www.forbes.com/00/0/1/rich400land.html

1.1 Number of Billionaires in the World

10 1 16 1 000 001 00

74 4 465 470 58 47

Source Merrill Lynch / Gemini Consulting, World Wealth Report 000, Figure 8, citing Forbes Magazine; Forbes, July 5, 1; Forbes, July , 000,; Forbes, July , 001, and Forbes website http//www.forbes.com/00/0/8/billionaires.html

• In 1, more than half of all estate taxes were paid by the wealthiest one of every 700 people who died. (Center on Budget and Policy Priorities analysis of IRS data http//www.cbpp.org/6--0tax.htm)

• Since the mid-170s, the most fortunate one percent of households have doubled their share of the national wealth. They now hold more wealth than the bottom 0 percent of the population. (NYU Economist Edward N. Wolf, Top Heavy)

• In 001, 16. percent of American children lived in poverty, a lower rate than 1 (.7 percent), but higher than the 17 rate of 14.4 percent. (U.S Census Bureau Current Population Survey http//www.census.gov/hhes/poverty/histpov/hstpov.html/)

• Nearly one quarter of all workers more than 8 million in all -- earn less than $8.78 an hour, the amount needed to lift a family of four above the poverty line with full-time work (about $18,00 a year). (Economic Policy Institute, The State of Working America 00-0, p. 55)

• In 18, the top 1 percent of Americans owned 47.7 percent of all stock, while the bottom 80 percent owned 4.1 percent. Between 18 and 18, nearly 5 percent of all stock market gains went to the top 1 percent of shareholders. 64 percent of American households have stock holdings worth $5,000 or less, or own no stock at all. (NYU Economist Edward N. Wolff, cited by Economic Policy Institute, The State of Working America 00-0, pp. 86-8)

• Between 15 and 18, the total wealth of the typical American household rose from $58,800 to $61,000. The average value of stock holdings rose $5,500, the value of non-stock assets (mostly homes) climbed $8,500, and household debt increased $11,800. (Economic Policy Institute)

• Middle-class families enjoyed .8 percent of the stock market gains between 18 and 18, but accounted for 8.8 percent of the increase in household debt. (Economic Policy Institute)

• In 000, 6.4 percent of private sector workers had employer-provided healthcare, down from 70. percent in 17. 4.6 percent of private sector workers have employer-provided pension plans. (Economic Policy Institute, The State of Working America 00-0, pp. 14-14)

• 60 percent of U.S. workers say that if they were laid off, their savings are sufficient to maintain their current standard of living for a few months or less. Only percent said they are able to save for the future. 40 percent say they earn enough to be comfortable, but not to save, while 7 percent said they earn only enough to get by, and percent said they are unable to pay their bills. (Fleet Bank, contact Rena DeSisto, 1-70-161)

• 64 percent of U.S. workers say they would rather have more time than more money. Even in households earning less than $5,000, 4 percent said they would still prefer time over money. (Fleet Bank)

• Fewer than 50,000 estates -- percent of the total -- paid federal estate taxes in 1. (Internal Revenue Service)

• A study by Treasury Department economist David Joulfaian found that eliminating the estate tax would reduce charitable bequests by about 1 percent. (United For a Fair Economy, citing Center on Budget and Policy Priorities analysis of IRS data http//www.cbpp.org/6--0tax.htm)

• While the top tax rate is 55 percent, on average, estate taxes represent 1 percent of the gross value of the estate. (United For a Fair Economy, citing 1 Internal Revenue Service data.)

• Among the industrialized nations, the U.S. has the highest concentration of individual wealth--roughly times that of the No. nation, Germany. (UN Human Development Report, 18)

• As of 18, the richest five percent of U.S. households held more than 5 percent of the nations private wealth. The top 1 percent of households held 8 percent of the wealth. (NYU Economist Edward N. Wolff, cited by Economic Policy Institute, The State of Working America 00-0, p. 81)

• Between 18 and 18, households in the bottom 0 percent of the population saw their net worth's decline from -$,00 to -$8,00 in 18 dollars. Meanwhile, the net worth of the middle fifth of the population rose .7 percent, and the net worth of the top 1 percent rose 0%. (NYU Economist Edward N. Wolff, cited by Economic Policy Institute, The State of Working America 00-0, p. 81)

• In 18, the typical black household held only 1 percent of the wealth of the typical white household. With housing excluded, that figure would be percent. More than 7 percent of black households (and nearly15 percent of white households) have no net worth. (NYU Economist Edward N. Wolff, cited by Economic Policy Institute, The State of Working America 00-0, p. 84)

• Most Americans in the highest-earning one percent of the population (median annual income $0,000) dont consider themselves rich. (Worth-Roper Starch Survey)

• As of 18, 48 percent of American households owned stock either directly or through a mutual fund or some sort of retirement plan. Over 86 percent of the value of all stocks and mutual funds, the top 10 percent of the households held including pensions. (Economic Policy Institute, The State of Working America 00-0, pp. 86-87)

The attacks of September 11th, 001, revealed some truths about the American economy that that has been hidden for many years. One is how much of our economy is made up of the working class. Which make up about 70% of the work force. Over the years the media saw economic trends through the eyes of rich business executives, to the point where it seemed that they represented the working class of America. And according to Jeff Faux, (newsweek, 001) "No one could hardly find a more fitting symbol of the new global economy than the World Trade Center -- surrounded in the evening with a herd of sleek limousines waiting to serve the masters of the universe at the end of the day."

And yet, it turns out, that the building was run by thousands of data clerks and secretaries, waiters and dishwashers, janitors and telephone repairmen. Thousands still mourn everyday for the men and women who were lost that day firefighters, hotel and restaurant employees, police, communication workers, service employees, teachers, federal employees, pilots and flight attendants, engineers, electrical workers, federal employees, building trades, and state, county, and municipal employees. And many were in no union, meaning job insecurity, no benefits, and certainly no limousines.

For two decades, politicians of both parties have celebrated the pursuit of private gain over public service. "Shrinking government has become a preoccupation of political leaders through deregulation, privatization, and cuts in public services." (J.Faux,001) One result is that the U.S. is the only major nation that leaves airline and airport security in the hands of private corporations, which are motivated to spend as little as possible. Training has been inadequate and supervision has fallen through the cracks. "Turnover was 16 percent a year and the average employee stayed in airline security for only six months"(J.Faux, 001). In an anti-government political climate the airline corporations were able to shrug off the government inspections that consistently revealed how easy it was to bring weapons on board.

"Private provision of public services has been the dominant philosophy of government in our time. Only natural, the economists told us. People were motivated by money. Its human nature. Greed is good, said the movie character in the send-up of Wall Street -- a sentiment echoed by politicians of both parties. Collective solutions are a thing of the past. The era of big government is over. You are on your own. Public service was old economy, just for losers. A teacher in New York City schools starts at $0,000. A brand new securities lawyer starts at $10,000. Does anyone believe that this represents sensible priorities? And does anyone believe that the firefighters who marched into that inferno did it for money? Does anyone think that people working for a private company hiring people for as little as possible would have had the same motivation -- would have been as efficient? At the moment when efficiency really counts? " (J.Faux, 001)

"When all else fails, where do we turn? To the governments firefighters, police officers, rescue teams. To the nonprofit sectors blood banks and shelters. And to Big Governments army, navy, and air force. During his campaign, the president of the United States constantly complained that the people knew how to spend their money better than the government did. Overnight, we just appropriated $40 billion for the government to spend however it sees fit. Who else would we trust? The stock market itself made one point. Despite calls for investors to exercise patriotic restraint, the market opened with an avalanche of sell orders, driving the Dow to its largest point loss in history. As one broker said, This is how capitalism is supposed to work. Just so. The market is about prices, not values." (J.Faux, 001)

Finally, perhaps we learned something about our national identity. For many, Americas exceptionalism means that it is the best place to get rich. For others, it is our unique set of laws -- our Bill of Rights. Still others see America not in national terms at all, but as a group of ethnic groups.

In Conclusion, Those who risked and gave their lives on September 11th, 001, show what this country is built upon, both the public servants and the brave civilian passengers who rushed the terrorists and forced the airliner down in Pennsylvania before it could get to Washington, are unlikely to have acted out of reverence for the stock market or for our court system or for some ethnic or religious loyalty.

It is obvious that we can no longer rely on our exceptionalism to keep us safe. In the years to come, we are likely to be reminded of that. To get through this, we need to get rid of the thought that we are all on our own. Americas strength, like the strength of any other society, is in our ability to be there for each other.

Works Cited

Post, James E., Lawrence, Anne T., Weber, James. Contemporary Business Issues (1) 87-.

Abelda, Randy, Robert W. Drago, and Steven Shulman. Unlevel Playing Fields Understanding Wage Inequality and Discrimination. Economic Affairs Bureau, Inc., 001

Ackerman, Bruce with Anne Alstott. The Stakeholder Society. Yale University Press, 1.

Anderson, Sarah, John Cavanagh with Thea Lee and the Institute for Policy Studies. Field Guide to the Global Economy. New Press, 000.

Freeman, Richard with Lawrence Katz. Rising Wage Inequality The United States vs. Other Advanced Countries. In the anthology Working Under Different Rules. Russell Sage Foundation, 14.

Karoly Lynn A. Anatomy of the U.S. income distribution Two decades of change. Oxford Review of Economic Policy. 16; 177-6.

Wolff, Edward. Recent Trends in the Size Distribution of Household Wealth. Journal of Economic Perspectives. Summer 18.

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