We are climbing from the flattest social hierarchy in human history (at least among white citizens.) It will take a while longer to match 1775... or even 1933.Table 3: Share of wealth held by the Bottom 99% and Top 1% in the United States, 1992e1928.Y-ar | Bottom 99 percent|Top 1 percent1922 | 63.3%| 36.7%1929 | 55.8%| 44.2%1933 | 66.7%| 33.3%1939 | 63.6%| 36.4%1945 | 70.2%| 29.8%1949 | 72.9%| 27.1%1953 | 68.8%| 31.2%1962 | 68.2%| 31.8%1965 | 65.6%| 34.4%1969 | 68.9%| 31.1%1972 | 70.9%| 29.1%1976 | 80.1%| 19.9%1979 | 79.5%| 20.5%1981 | 75.2%| 24.8%1983 | 69.1%| 30.9%1986 | 68.1%| 31.9%1989 | 64.3%| 35.7%1992 | 62.8%| 37.2%1995 | 61.5%| 38.5%1998 | 61.9%| 38.1%Sources: 1922-1989 data from Edward N. Wolff, Top Heavy (New Press: 1996). 1992-1998 data from Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-98," Jerome Levy Economics Institute, April 2000.It's done, and we are on our way to match 1929. Welcome to the new gilded age...
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We are climbing from the flattest social hierarchy in human history (at least among white citizens.) It will take a while longer to match 1775... or even 1933.Table 3: Share of wealth held by the Bottom 99% and Top 1% in the United States, 1992e1928.Y-ar | Bottom 99 percent|Top 1 percent1922 | 63.3%| 36.7%1929 | 55.8%| 44.2%1933 | 66.7%| 33.3%1939 | 63.6%| 36.4%1945 | 70.2%| 29.8%1949 | 72.9%| 27.1%1953 | 68.8%| 31.2%1962 | 68.2%| 31.8%1965 | 65.6%| 34.4%1969 | 68.9%| 31.1%1972 | 70.9%| 29.1%1976 | 80.1%| 19.9%1979 | 79.5%| 20.5%1981 | 75.2%| 24.8%1983 | 69.1%| 30.9%1986 | 68.1%| 31.9%1989 | 64.3%| 35.7%1992 | 62.8%| 37.2%1995 | 61.5%| 38.5%1998 | 61.9%| 38.1%Sources: 1922-1989 data from Edward N. Wolff, Top Heavy (New Press: 1996). 1992-1998 data from Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-98," Jerome Levy Economics Institute, April 2000.It's done, and we are on our way to match 1929. Welcome to the new gilded age...