The North American working class is now ninth in the world in terms of wages and benefits, and continues to decline. At this point the earnings of the U.S. working class have been driven back to what they were in the mid-1960s.
More than 60 million people in the U.S., nearly one-quarter of the population, live in poverty and are struggling day to day. By contrast, a tiny traction of the population controls enormous wealth. The median net worth of the top 1 percent of households is 22 times greater than the median net worth of the remaining 99 percent of households. The median net financial assets of the top 1 percent of households is 237 times greater than the median net 8nancial assets of the other 99 percent of the population. That 1 percent owns 90 percent of outstanding stock shares.
The wealth of the richest 5 percent of the population increased by 37.3 percent from 1977 to 1988. The wealth of the richest 1 percent increased by 74.2 percent. At the same time, the number of people in poverty increased by one-third.
As a digital subscriber to Prison Legal News, you can access full text and downloads for this and other premium content.
Already a subscriber? Login