The just issued today Congressional Budget Office Report on income inequality for 129m households in USA in 2018–first year of Trump’s $4T 10 yr. tax cuts–were as follows:
*The richest 0.01% households’ (13k of 129m total US households) average income in 2018 was $44.5m. The richest 0.1% was $5.8m. The remaining richest 0.89% of the richest 1% households was $1.1m.
* Average after tax income for richest 1% households rose 268% since 1979 (almost 7%/yr.). In contrast, for middle classes income rose 53% (just over 1%/yr.) And that’s 1% for the middle income groups on a much smaller total income base than 7% for the richest 1% households on much higher total income base
Latest Income Inequality Stats from CBO
August 4, 2021 by jackrasmus
Our grotesque and growing income inequality means the death of democracy. The eminent English historian Eric Hobsbawn was living in Germany when Hitler became Chancellor and he examined in detail the growth of fascism between WWI & WWII and concluded that democracy died with prosperity for all:
“Democratic systems do not work unless there is a basics consensus among most citizens about the acceptability of their state and social systems and or at least a readiness to bargain for compromise settlements. This in turn is much facilitated by prosperity. In most of Europe these conditions were simply not present between 1918 and the Second World War.”