Power of Story Send a Tweet        
- Advertisement -

Share on Google Plus Share on Twitter Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (2 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   1 comment
OpEdNews Op Eds

Wealth report shows deepening social polarization in US

By       Message Patrick Martin       (Page 1 of 2 pages)     Permalink

Related Topic(s): ; ; ; ; , Add Tags  Add to My Group(s)

Valuable 2   Must Read 1   Interesting 1  
View Ratings | Rate It


Author 35991
- Advertisement -

Cross-posted from WSWS

(Image by Twitter)   Permission   Details   DMCA

A new report from the US Federal Reserve Board finds that total US net worth has risen to a record $81.8 trillion, up $1.5 trillion in the first quarter of 2014 and up nearly $13 trillion compared to the previous peak, before the 2008 financial crash.

This figure belies the incessant claims by the US political and financial elite that there is "no money" to pay for basic social necessities -- from jobs and decent wages to schools and other public services. There are ample resources -- more than at any time in history -- but these resources are monopolized by the narrow layer of ultra-wealthy individuals at the top of American society.

- Advertisement -

If the $81.8 trillion were divided equally among the 318 million people who live in the United States, there would be just over $250,000 for every man, woman and child. Poverty would be virtually abolished at a stroke. Hunger, homelessness and other forms of social deprivation would be dealt a death-blow.

But under capitalism, a social order based on profit and the accumulation of vast private wealth, such an equal division of society's resources is unthinkable. Instead, America in 2014 is a spectacle of ever-increasing riches at the top and steadily worsening conditions of life for the majority of the population.

Total national wealth increased by $1.49 trillion during the first three months of 2014, despite the fact that the US economy actually contracted, with total output declining by 1 percent, and more than a million people dropped out of the labor force and stopped looking for work because they had no hope of finding a job.

- Advertisement -

Click Here to Read Whole Article

Next Page  1  |  2


- Advertisement -

Valuable 2   Must Read 1   Interesting 1  
View Ratings | Rate It


Patrick Martin writes for the World Socialist Website (wsws.org), a forum for socialist ideas & analysis & published by the International Committee of the Fourth International (ICFI).

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Low-wage, No-raise Economy

US House of Representatives votes to abolish Medicare

Nearly One Million US Workers Cut Off Unemployment Benefits

Mounting political crisis in Washington amidst talk of removal of Trump

Obama hails deal to impose record cuts in social spending

US House of Representatives approves plan to destroy Medicare, Medicaid and food stamps