The super rich get richer, and the rich get poorer?

[hedgehog]

Right wing blogs are all upset because the number of millionaires is dropping:


http://www.luxist.com/2009/09/15/number-of-millionaires-drops-sharply

http://taxprof.typepad.com/taxprof_blog/2011/08/wsj-the-number.html

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adXPm5eV874A&refer=home


However, the concentration of wealth to the tippy top goes on unabated:

But it is also important to realize that the lower half of that top 1% has far less than those in the top half; in fact, both wealth and income are super-concentrated in the top 0.1%,

http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

Fewer and fewer are owning more and more. That's not good. Is there a way to get this through the heads of millionaires? The best way for them to remain millionaires is to ensure more of the wealth gets spread around!

[Hydra]

1. I've tried to warn people about that here who say:

"Don't bash the rich, there are some progressives among them!"

Hint: Those people are not the 400 club...and if they are, they sure won't be when it becomes the 300 club, or the 200 club.

There's nothing progressive or democratic about how our system works, and it's getting worse.

[dkf]

2. What is surprising to me is it isn't the trust fund babies who are rich, it's self made types.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1984547

Forbes 400: A Banner Year For The Richest In America

Forbes staff
Despite the weak economy, the net worth of the nation's wealthiest is up 12% over a year ago, and an all-time high 70% of this year's 400 are self-made.

The Ultimate Scorecard Of Wealth
The rich get richer--again. Soros cracked the top 10. Zuckerberg's in the top 20. Click here for the entire list in our 30th annual ranking of the Forbes

[Hydra]

8. It's not really surprising

As long as we use the proper definition of "self made."

The trust funders, if they have the kind of inheritance in this category, never have to work a day in their lives. They can be artists, world travelers, lushes, etc. Why should they bother doing more than that?

Now, if by "self made," we mean insider traders, sweatshop masters, pension robbers, resource rapists, etc., then they are basically career criminals and enjoy the power their positions give them. Since they can't get that kind of high off of being retired, they never stop stealing until it's all gone, and then they move on to the next thing.

See? Geometric growth fueled by geometric insanity.

[Uben]

3. Damn! I missed making the list again!

I'm taking my $20 and going home. I'll show dem bastids!

[moondust]

4. Koch Brothers wealth up 43% since March 2010.

http://www.politicususa.com/en/koch-brothers-wealth

Public enemies #1 may also become the wealthiest.

[MyshkinCommaPrince]

5. All goes according to plan.

You see? Deregulation works perfectly.

I guess that's sarcasm.

[ThoughtCriminal]

6. When they've finished looting the poor and middle class

the top .1% is going after the next .9%. And when that's all sucked up, the top .01% will look will look with envy that there is still wealth to be found in the next .09%. It is a sickness that is never satisfied and the tools needed to stop it are still being dismantled.

[no_hypocrisy]

7. Class warfare!

[Odin2005]

9. Marx Predicted this 150 years ago.

More and more money finds it's way into fewer and fewer hands as the "Upper-Rich" slowly eliminate the "Lower Rich".