The US is Really this Wealthy, $150 TRILLION, Yet We Have Many Struggling

 The standard viewpoint especially on the right and to some extent on the left, is the country isn't that wealthy.  I've even said, "We're poor, we have $30 trillion in federal debt.  But what is true is the average wealth for every man, woman and child in the US is $455k, the average household net worth is $1.15 million but the median household net worth is only $121k.   The bottom 30% of households are worth less than $23k.

PACMAN Wealth Comparison   This graphic attempts to show the relative wealth and power of the tiny top 10% group (1%+9%) to everyone else by comparing average wealth of the members.  Some say eat the rich.  Well the reference to the rich eating everyone else isn't accidental.  More on that in future posts.

I believe the wealth distribution of the company I discussed in the last post,  parallels the wider economy.  Our revenue (wealth) pie was very lopsided as well.  But also all those profits went to a very tiny portion of the worker/owner group.   The company refused to invest the profits to grow the pie for everyone.  Just like the 10% that holds 70% of the wealth and the 20% holding 85% of the wealth refuse to invest in the bottom to grow the pie.  I believe the main reason that when it comes to meritocracy the 1%, the 10% can run into real problems because too often the ranks aren't filled by the best, the hardest working, the brightest.  Often quite the opposite, which was the case with the company, so they must clamp down competition with wealth and the power it gives them.  Stifling competition. Stifling innovation.  In my experience the focus of business is all to often on reducing costs, so getting cheap labor and goods from China, Mexico, India, etc beats competing on quality and innovation any day.  

In fact I remember being in a board meeting and was pointing out that to grow we really needed to expand and invest in R&D since that is where the new revenue was coming from.  We needed more new products, which was actually drilled into me from the board.  I pointed out that R&D had been very productive in past years, and the ROI on the little we had put into the group was amazing.  Something like 1100% over 8 years.  I was swatted down when the board said, "R&D is just a cost to be controlled."  The conversation was over.  Likewise for America Labor is just a cost to be controlled.  The PEOPLE that represent that labor are just a cost to be controlled, and a group to be CONTROLLED so they don't get out of control and potentially reduce the wealth and power of the top.

The following graphic shows the portion of the total wealth held by each group of people, the top 1%, next 9%, upper middle 40% and lower 50%.  But I believe the first graphic is a far better representation of the wealth and power held.  this clearly shows, just 10% hold 70% of all wealth, stocks, homes, commercial real estate, agricultural property, etc. that is easily tracked.  When gold, silver, jewelry, art, antiques, autos, boats, yachts, foreign held assets, etc are considered, the picture is even more lopsided.

The PAC-MAN Wealth Distribution Chart