Where does this idea come from that the percentage of total wealth controlled by the extremely wealthy is unprecedented in American history? It would be an interesting assertion except that anyone with even basic knowledge of American history would know it is not true. This is not a value statement about the facts, only an observation about the relative ignorance of people making this claim. I thought they taught this stuff in school.
In fact, what is unprecedented is how little wealth the extremely wealthy currently control. As a share of the GDP and total wealth, historical titans such as Andrew Carnegie and John Rockefeller were vastly wealthier than anyone alive now when adjusted for current dollars. In fact, the only American in modern times that even approached the wealth of numerous historical figures is Bill Gates.
I think there is a systemic problem creating an impoverished underclass but the obvious ignorance around the claims of unprecedented concentrations of wealth just grates.
In fact, what is unprecedented is how little wealth the extremely wealthy currently control. As a share of the GDP and total wealth, historical titans such as Andrew Carnegie and John Rockefeller were vastly wealthier than anyone alive now when adjusted for current dollars. In fact, the only American in modern times that even approached the wealth of numerous historical figures is Bill Gates.
I think there is a systemic problem creating an impoverished underclass but the obvious ignorance around the claims of unprecedented concentrations of wealth just grates.