“It took four decades for the top 0.00001% of Americans’ share of total U.S. household wealth to grow from 0.1% in 1982 – when 11 households made up that rarefied group – to 1.2% in 2023.” The previous statistics come from the Wall Street Journal’s Juliet Chung, and are based on an analysis by Cal-Berkeley economist Gabriel Zucman. Zucman is plainly aghast at the growing wealth gap, while plain wrong in his disgust.
The simple, undeniable truth that evades economists is that as wealth at the top soars, so grows opportunity for those not at the top. The greater the wealth gap, the much greater the opportunity.
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