As President Donald Trump and the Republican Party unveiled their “cruel joke” of a tax plan that would provide an enormous boon for the rich disguised as a “middle class miracle,” an analysis by the People’s Policy Project (3P) published Wednesday found that the top 10 percent of the income distribution now owns a “stunning” 77 percent of America’s wealth while those in the bottom ten percent are “net debtors,” owning -0.5 percent of the nation’s wealth.
“We do not live in a democracy. We live in an oligarchy.”
–Digital LeftIn response to the analysis, conducted by 3P president Matt Bruenig, Sen. Bernie Sanders (I-Vt.) wrote on Twitter: “Meanwhile, the Walton family of Walmart has a net worth of $144 billion. This is what a rigged economy looks like.”
“We do not live in a democracy. We live in an oligarchy,” added the progressive group Digital Left.
3P’s examination of newly released Federal Reserve data also found that “[t]he bottom 38 percent of American families have an average net worth of $0.” By contrast, the top one
— source commondreams.org | Sep 28, 2017