Editor's note: Nina-Bytes is a weekday blogging series that features short analysis and commentary on articles from around the web. This post is archival and originally appeared on October 11th, 2021 over on our Facebook page.
As Americans Demand Tax Reforms, Analysis Finds Top 1% Hold More Wealth Than Whole Middle Class
Look, I hate to keep beating this same drum here, but there’s a reason I loathe rich people and it sure ain’t envy. In this Common Dreams article, Brett Wilkins talks about a recent Bloomberg report revealing that Americans in the top 1% have more wealth than the entire middle class; these are of course the same Americans funneling cash into dark money groups to stop moderate tax reforms in the U.S. as we speak. Even setting aside the somewhat arbitrary and politically disempowering way the “middle class” is defined here, the federal data shows that 1.3 million U.S. households (making 500K or more) now have more wealth than the 77.8 million families in the middle 60% of income tiers.
As the article details, the super-rich are currently beating the “middle class” (which includes plenty of affluent people as the maximum income rate for this definition is 141K a year) 27% to 26.6% in terms of national wealth share. This represents a stark departure some similar figures released as recently as 1990, when the super-rich controlled roughly 17% of national wealth, to the middle-classes 36%. Please keep in mind that while this economists definition of the middle class does include people making as little as 27K a year, it does not include anyone our society is prepared to call “poor.”
What I don’t think really comes across in this article however, is how absolutely unprecedented this situation is in the history of the Pig Empire. Everyone knows that the so-called Gilded Age was an era of vast inequity, robber barons, and open corruption by a complicit political class under the influence of monopoly power and its rivulets of cash. What most people don’t seem to realize however is that the levels of financial inequity and open corruption in our very own society have long surpassed anything from the Roaring Twenties.
Indeed, as I have posited elsewhere, we’re approaching a point where this level of inequity is fueling a new, and yet disturbingly familiar form of capitalism I’ve taken to calling “neofeudalism.” The rich have captured enough wealth and political influence to transform our whole society into a machine whose entire purpose is funneling even more wealth and power into their greedy fingers; even at the cost of all life on earth. Given that this is still capitalism, this wealth is obviously being taken from everyonebeneath them on the socioeconomic ladder; as the numbers we just looked at demonstrate.
This fusion of money power and control of the state has now locked the whole of society into a parasitic relationship that resembles landed lords and serfs from the darkest ages of European feudalism, and there’s no indication the rich have plans to stop the machine anytime soon. The class war may not look any different on the ground, but the moneyed interests we’re battling against today are armed with more power and influence than ever before; which is allowing them to rig our governments to serve them, and snatch the wealth of a broader and broader swath of our society.
It’s a slaughter alright; but the fattest pigs are running the abattoir and everyone who isn’t with them, is next on the chopping block.
nina illingworth
Anarcho-syndicalist writer, critic, and analyst.
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“It’s ok Willie; swing heil, swing heil…”
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