No I don't see the problem, we all got way wealthier. Percentage of total doesn't matter at all because "total" is fundamentally illiquid. In 1970, only 9.7% of Americans were high income. Now the figure is 34.1%. That's incredible. https://t.co/sggYdoI2Tx
The Information Age has already changed the distribution of wealth, particularly in the United States, and is one of the reasons for the bitterness of modern American politics, which we explore further in the next chapter. The Information Age requires a quite high standard of literacy and numeracy for economic success. A massive U.S. Education Depa
... See moreTotal wealth had increased, but it flowed away from the industrial workers and toward those who worked in finance, technology, and other areas that now constitute the upper-middle class. But unlike before, it was not a smooth curve from lower-middle class to middle class to upper-middle class. There was a massive discontinuity between segments, the
... See moresoar to $1 billion. However, the wealth of the median customer, the one exactly in the middle of the distribution, wouldn’t change at all.
For each dollar earned in 2005, the top 10 percent received 48.5 cents.