From 1989 to 2019, typical working families saw a negligible increase in wealth. Meanwhile, the wealthiest one percent got $29 trillion richer in those same 30 years. This is what oligarchy looks like.
@RBReich Yep. Ask Biden abiut it and the democrats and FTX
@RBReich Actually, it's what MATH looks like, Bobby. A 10% return on $10,000 is only $1,000. But on a million dollars, the return is $100,000. See how that works? If you have a lot of money invested, you get more. MATH, Bobby.
@RBReich Are you saying trickle down economics don't work? How disappointing, I was expecting those dollars from Reagan to trickle down to me any minute now and I am not even poor...
@RBReich Rising tide lifts all boats. If you want more wealth, create more VALUE, spend LESS than you MAKE and invest for cashflow. Simple formula actually but one 98% of the population won’t do.
@RBReich The wealthiest one percent is approx. $10million and above. The wealthiest two percent is approx. $2million and above. A quick Google search indicates your net worth at $4-$5million. No doubt in reality it's higher. Yet here you are bloviating about a wealth gap.
@RBReich The rich don’t concern me in the least ……. what does concern me is the 50% being extorted from my hard earned income by Federal, State and local government. And, just as maddening is how foolishly they spend it after taking it from me. Let’s worry about that first!!
@RBReich The debasement of the US dollar was responsible for this phenomenon — both the decrease in typical working family wealth, and the increase in wealth for the wealthiest — Tell them how that works Robby.
@RBReich I don't recognize the reality you're living in. Just about everyone I grew up with is far wealthier than their parents, has more disposable income, and their standard of living is significantly higher. Very very few people were better served by the economy of 1989 than by 2019's
@RBReich What happened in 1989? Why choose that seemingly arbitrary point in time? Does the data not support your conclusion if you use a pre-1989 timeframe?