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The article doesn't do much to offer a solution (if you believe there's a problem). Inheritance taxes? Gift taxes? The article points out that most wealth di

The article doesn't do much to offer a solution (if you believe there's a problem). Inheritance taxes? Gift taxes? The article points out that most wealth disappears in 3 generations. Look at the Vanderbilts as an odd example. Cornelius knew the 3 generation rule, and left his entire fortune to his oldest son, leaving his daughter and other (mentally questionable) son out of his will. His son is considered a great business man, who expanded the empire. But even that vast wealth still disappeared 2 generations later, on Newport mansions and the "lifestyle". Also, I'm amazed every time I read the stat that the top 1% owns 35% of the wealth, more than the bottom 90% owns. (Does that imply that the 9% upper class own up to 30% of the wealth?).

deleted 13y ago
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sharth 13y ago
As to the question of wealth ownership, this pie chart from wikipedia may be helpful: https://en.wikipedia.org/wiki/File:U.S._Distribution_of_Wealth,_2007.jpg https://en.wikipedia.org/wiki/File:U.S._Distribution_of_Weal... The Top 1% owns 34.6% of the wealth The Top 5% owns 61.9% == 27.3% + 34.6% The Top 10% owns 73.1% == 11.2% + 61.9% The Top 20% owns 85.1% == 12.0% + 73.1% The Top 40% owns 96.0% == 10.9% + 85.1%
Jtsummers 13y ago
> Also, I'm amazed every time I read the stat that the top 1% owns 35% of the wealth, more than the bottom 90% owns. (Does that imply that the 9% upper class own up to 30% of the wealth?). Yes [1]. And the falloff rate is staggerring as you move further down from the top wealth-holders. [1] http://en.wikipedia.org/wiki/Wealth_in_the_United_States#Wealth_distribution http://en.wikipedia.org/wiki/Wealth_in_the_United_States#Wea...
stackcollision 13y ago
I don't think the title of the article ever implied they would be offering a solution. It's vaguely informative and speculative, as with most news articles. There's nowhere in there that they claim it's a thesis on how to solve inequality.
grkvlt 13y ago
It's just the 80:20 rule as applied to income/wealth recursively (20% of 20% of the population has 80% of 80% of the money), as you can see (almost exactly) from the wiki chart quoted below.

deleted 13y ago

[deleted]

sharth 13y ago

As to the question of wealth ownership, this pie chart from wikipedia may be helpful: https://en.wikipedia.org/wiki/File:U.S._Distribution_of_Wealth,_2007.jpg https://en.wikipedia.org/wiki/File:U.S._Distribution_of_Weal... The Top 1% owns 34.6% of the wealth The Top 5% owns 61.9% == 27.3% + 34.6% The Top 10% owns 73.1% == 11.2% + 61.9% The Top 20% owns 85.1% == 12.0% + 73.1% The Top 40% owns 96.0% == 10.9% + 85.1%

Jtsummers 13y ago

> Also, I'm amazed every time I read the stat that the top 1% owns 35% of the wealth, more than the bottom 90% owns. (Does that imply that the 9% upper class own up to 30% of the wealth?). Yes [1]. And the falloff rate is staggerring as you move further down from the top wealth-holders. [1] http://en.wikipedia.org/wiki/Wealth_in_the_United_States#Wealth_distribution http://en.wikipedia.org/wiki/Wealth_in_the_United_States#Wea...

stackcollision 13y ago

I don't think the title of the article ever implied they would be offering a solution. It's vaguely informative and speculative, as with most news articles. There's nowhere in there that they claim it's a thesis on how to solve inequality.

grkvlt 13y ago

It's just the 80:20 rule as applied to income/wealth recursively (20% of 20% of the population has 80% of 80% of the money), as you can see (almost exactly) from the wiki chart quoted below.