I’ve been interested in the state of income and wealth disparity in the United States for some time now. The gulf between the rich, the middle class and the poor is obviously massive, but I’ve wanted to see numbers that truly represented just how massive. I’ve looked at income disparity before, and it has shown part of the picture, but it didn’t seem to portray just how insane the difference between the rich and everyone else it. So I’ve looked elsewhere and found what I’m looking for in numbers on wealth disparity. Here, I’ll share -
Here are some numbers I’m working with here -
Total population of the US: 300,000,000 (actually it is a bit higher, but this is close enough for these calculations)
Average household size: 2.6 (from US Census)
Therefore, the number of households in the US should be: approximately 115.384.615
I found a number of sites stating that the top 25% of households in the US own 87% of the wealth, and the total wealth in the US is approximately $50.1 trillion. The same sites state that the bottom 25% own no wealth at all (thier debt cancels out thier wealth).
This means that the average household in the top 25% owns about $1.5 million. The average household in the middle 50% owns about $112,926. And as stated, the bottom 25% of households have no net worth at all. But wait, there’s more!
Let’s say we did something CRAZY! We force the top 25% to give $100,000 worth of wealth to every household in the bottom 75%. Truly crazy talk, and certain to impoverish the rich, right? After such a transfer, households in the top 25% would still own $1.2 million. Hardly impoverished, I think. The middle 50% of households would own $212,926 each and the bottom 25% of households would have $100,000 of wealth each.
Anyone care to pipe in on how much poverty would be reduced if every household in the bottom 75% recieved $100,000 worth of wealth? And remember, this are assets that already exist, so there is no reason for inflation to occur. Giving every homeless family enough assets to purchase a home seems like a good way to address the homelessness issue, I would think. And that is only the most obvious problem that would be addressed.