I want to share with you this really interesting viral video on wealth distribution in the American economy. We’ve probably all heard these statistics before, but something about this visual representation of them makes the contrast all the more striking. Which explains why this video is spreading quickly throughout the social media channels.
When I first watched it yesterday, it had about half a million views. Less than 24 hours later, more than two million people have watched it and that number is growing exponentially. Good. I want everyone to know exactly how uneven is America’s wealth distribution.
As you’ll see in the video, the top 1% of Americans hold more of America’s finances than the bottom 80% of Americans combined. Much more. According to this wealth distribution chart, the top one percent hold 40% of wealth, while the bottom eighty percent of Americans only hold 7% of America’s finances. WTF?
Rapid Growth of Wealth Distribution Inequity
And the most shocking revelation from this wealth distribution video is how quickly that dynamic has shifted. Most of this gross inequality has resulted in the last thirty years or so–since the late 1970′s. Does anyone else think it’s probably not a coincidence that all this disparity started about the time Reagan took office and began his “Reaganomics” policy during which he preached the glory of trickle-down economics?
According to Reagan’s theory, if we cut taxes on the very rich, that extra income for the super-wealthy would “trickle down” to the middle class and to average Americans via the creation of jobs and a stimulated supply-side economy. You might recognize that rhetoric even today. You know, the whole “job creators” dialogue. Somehow this myth continues to persist, despite the fact that basically every economist who isn’t in the pocket of a large corporation has disproved it.
Just watch the wealth distribution video and see if you think that trickle-down economics has been a success. Clearly, all it has done is make the rich much richer and the poor much poorer, also wrecking the middle class in the process. Think it’s safe to say this policy is a failure?
If you think everyone should watch this video, be sure to share it on Facebook, Twitter, Reddit, and anywhere else.