Show me some numbers. — fishfry
I did, but here are some more:
The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014. Wikipedia
"Wealth" is not the same as income. A man who outright owns a house worth $100,000, has no debts, no savings, and has an income of $30,000 per year is "worth" $100,000. If he had debts of $10,000, he would be worth $90,000. If he had paid off his debts and had $10,000 in savings, he'd be worth $110,000. His yearly income doesn't count as "wealth" unless part of it is saved.
That's how worth is calculated.
When we talk about the "wealth" of the USA or any country, we are taking about assets, not income. So, the
net worth of the USA is $124 Trillion. No income is figured into that number.
What is all that debt? It's mortgages, credit card debt, student loans, business debt, and government debt (bonds--federal, state, county, city) and so on.
What are all those assets? It's houses, farms, urban land (often worth a very very great deal of $$$), its cars, boats, jewels, factories, stock in businesses, airplanes (one 747 is worth around 380,000,000), ships, railroads, warehouses, stores, cash, port facilities, airports, buses, subways, food in warehouses, your stash of weed, forests--just about everything that can be bought and sold.
As I mentioned, "income" is not counted as an asset. The personal income received in the United states per year is currently about $16 Trillion. The median income (half of the people make more, half of the people make less) is 31,100 (2016) per year. 10% of earners had incomes exceeding $100,000 a year. 10% is about 20,755,000 wage earners. This 10% earns about $2 Trillion a year.
wikipedia
But this is where it gets complicated. A "wage" is earned, based on hours worked at a certain rate. There are other forms of income that are not wages. If Jack has $1,000,000 in investments that yield 5%, he receives $50,000 in unearned income. Jack's $50k isn't counted in the $2 Trillion of wage income. This is where the major income disparity comes in. The wealthiest 1% of the population may be employed, and may collect a paycheck. It is probably a big paycheck. But the 1%'s real source of income is "
unearned" -- that is, it derives from the wealth they have accumulated.
It is from unearned income that the rich get richer, not by getting raises from the boss. They, after all, usually ARE the boss.
When we say that the richest .1%, 1%, 5%, or 10% own more wealth than everybody else, we are saying that they own most of the fixed assets--not that they receive 80% or 90% of the earned income. What they receive is UNEARNED income, which is derived from assets, not from work performed.
Why isn't income counted as wealth? One reason is that it is, for most people, in their possession for a very short period of time. Most people do, and must, spend most of their income to support whatever lifestyle they maintain. It just doesn't stay around long enough to be counted as an asset.
So, Brother Fishfry, you are as capable as I am of Googling income and wealth stats. Have at it.