The Rich Continue to Get Richer
https://www.forbes.com/sites/jackkelly/2019/11/12/the-1-owns-almost-as-much-wealth-as-the-middle-class-will-the-rich-keep-getting-richer/#4d4186e44323
We’ve talked about the “rich get richer” phenomenon in class, and how it applies to not just peoples’ income or net worth, but also to YouTube videos, tweets, etc. This article from Forbes discusses the present “rich get richer” situation in the United States, and why it doesn’t look like it will dissipate anytime soon.
The top 1% of America owns just about as much wealth as the entirety of the middle class. The net worth of the richest combines to around 35 trillion dollars, while the net worth of the middle class combines to around 36.9 trillion dollars. There is plenty of data showing that this trend of wealth inequality is continuing to grow. This inequality was boosted when a tax cut was introduced in the US allowing the rich to hold on to more of their cash.
If you have money to invest, your money starts working for you. The more money you have, the more you are able to invest. These truths are what allow the rich to make money without actually working, and what strengthen the concept that the “rich get richer”.