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Thread: Wealth gap update: Top 1% up $21 trillion. Bottom 50% down $900 billion

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    Wealth gap update: Top 1% up $21 trillion. Bottom 50% down $900 billion

    Recently, the Federal Reserve released a new data series called the Distributive Financial Accounts, which combine the Financial Accounts and the SCF to provide quarterly estimates of the distribution of wealth in America that do sum to the aggregates in the Financial Accounts. The series goes back to 1989, the first year the modern SCF was administered and runs to the fourth quarter of 2018, the last quarter for which there is Financial Accounts data.

    The insights of this new data series are many, but for this post here I want to highlight a single eye-popping statistic. Between 1989 and 2018, the top 1 percent increased its total net worth by $21 trillion. The bottom 50 percent actually saw its net worth decrease by $900 billion over the same period.
    https://www.peoplespolicyproject.org...n-900-billion/

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    Senior Member Colonel's Avatar
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    The biggest problem with that may be that too much power is in too few hands and with little accountability. We know from elsewhere that societies where wealth accumulates even more like that, are always ripe with problems. South Africa, Brazil etc. The UK stands out among European nations and has lots of problems despite being wealthy overall.

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    Senior Member Cardinal TT's Avatar
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    Here's an example of extremely rich people ....The public aren't famous enough to get close and have been warned to keep clear

    https://www.businessinsider.nl/obama...eter-2019-6-2/

    The Obama family is vacationing in Europe, and are currently visiting George and Amal Clooney in Lake Como, Italy.
    Part of the Obama’s visit to the Clooneys included attending a dinner put on by the Clooney Foundation for Justice on Saturday, which raises funds to combat poverty.
    I wonder if those same poor people are allowed to go to the dinner and all hold hands and sing



    Lake Como has been a popular retreat for aristocrats and wealthy people since Roman times,

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    Senior Member Colonel's Avatar
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    Quote Originally Posted by Cardinal TT View Post
    Here's an example of extremely rich people ....The public aren't famous enough to get close and have been warned to keep clear

    https://www.businessinsider.nl/obama...eter-2019-6-2/




    I wonder if those same poor people are allowed to go to the dinner and all hold hands and sing
    Lake Como has been a popular retreat for aristocrats and wealthy people since Roman times,
    He's not rich enough to be powerful by way of his wealth alone. But he fits the archetypical "rich guy gone radical leftie but doesn't necessarily make that much sense". That character has been around as long as Marxism has been around.

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    What does it profit a man to gain the whole world but lose his own soul. Or what will he give in exchange for his soul?

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    Ezekiel 33 (06-27-2019)

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    Senior Member Valiant Woman's Avatar
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    Quote Originally Posted by Cardinal TT View Post
    Here's an example of extremely rich people ....The public aren't famous enough to get close and have been warned to keep clear

    https://www.businessinsider.nl/obama...eter-2019-6-2/




    I wonder if those same poor people are allowed to go to the dinner and all hold hands and sing



    Lake Como has been a popular retreat for aristocrats and wealthy people since Roman times,
    Financial wealth was meant for God’s people, not the devil’s. But we won’t keep our mouths shut or our noses out of other folks pocketbooks/wallets long enough for God to work financial miracles in our lives.

    I’m convinced that ONE of the main reasons the devil’s kids have most of the material wealth instead of God’s children is because many of us are so anti-wealth, God can’t get it to us. And that is a tragedy. Another major reason is that we don’t give like we should, and when we do, we don’t expect God to bless it like He said He would.
    When your praise match your prayers, the answer will come.
    https://www.facebook.com/Valiant-Wom...1103844642026/

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    Ezekiel 33 (06-27-2019)

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    Senior Member Colonel's Avatar
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    Quote Originally Posted by Valiant Woman View Post
    Financial wealth was meant for God’s people, not the devil’s. But we won’t keep our mouths shut or our noses out of other folks pocketbooks/wallets long enough for God to work financial miracles in our lives.

    I’m convinced that ONE of the main reasons the devil’s kids have most of the material wealth instead of God’s children is because many of us are so anti-wealth, God can’t get it to us. And that is a tragedy. Another major reason is that we don’t give like we should, and when we do, we don’t expect God to bless it like He said He would.
    If I won a billion dollars in the lottery I wouldn't bother to change my lifestyle much. Even Bill Gates had that figured out, he said something like "there's a limit to how much better you can dine etc". People differ on where the limit is but if I had a billion then the vast majority of that sum would go to something else than hoarding or spending. Same with 10 million, that is my personal opinion of course.

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    Ezekiel 33 (06-27-2019)

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    Senior Member Colonel's Avatar
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    This verse might have some bearing on what is discussed in the two first posts in this thread.

    Prov 22:16 He who oppresses the poor to increase his riches,
    And he who gives to the rich, will surely come to poverty.

    It might have some bearing on certain televangelists and their followers as well.

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    njtom (06-27-2019)

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