Wealth inequality in the United States (also known as the wealth gap) is the unequal distribution of assets among residents of the United States. Wealth includes the values of homes, automobiles, personal valuables, businesses, savings, and investments. The net worth of U.S. households and non-profit organizations was $94.7 trillion in the first quarter of 2017, a record level both in nominal terms and purchasing power parity. If divided equally among 124 million U.S. households, this would be $760,000 per family; however, the bottom 50% of families, representing 62 million American households, average $11,000 net worth. From an international perspective, the difference in US median and mean wealth per adult is over 600%.
Just prior to President Obama's 2014 State of the Union Address, media reported that the top wealthiest 1% possess 40% of the nation's wealth; the bottom 80% own 7%; similarly, but later, the media reported, the "richest 1 percent in the United States now own more additional income than the bottom 90 percent". The gap between the top 10% and the middle class is over 1,000%; that increases another 1,000% for the top 1%. The average employee "needs to work more than a month to earn what the CEO earns in one hour." Although different from income inequality, the two are related. In Inequality for All—a 2013 documentary with Robert Reich in which he argued that income inequality is the defining issue for the United States—Reich states that 95% of economic gains went to the top 1% net worth (HNWI) since 2009 when the recovery allegedly started. More recently, in 2017, an Oxfam study found that eight rich people, six of them Americans, own as much combined wealth as half the human race.
Wealth is usually not used for daily expenditures or factored into household budgets, but combined with income it comprises the family's total opportunity to secure a desired stature and standard of living, or pass their class status along to one's children. Moreover, wealth provides for both short- and long-term financial security, bestows social prestige, and contributes to political power, and can be used to produce more wealth. Hence, wealth possesses a psychological element that awards people the feeling of agency, or the ability to act. The accumulation of wealth grants more options and eliminates restrictions about how one can live life. Dennis Gilbert asserts that the standard of living of the working and middle classes is dependent upon income and wages, while the rich tend to rely on wealth, distinguishing them from the vast majority of Americans. A September 2014 study by Harvard Business School declared that the growing disparity between the very wealthy and the lower and middle classes is no longer sustainable.
In 2007, the top 20% wealthiest possessed 80% of all financial assets. In 2007 the richest 1% of the American population owned 35% of the country's total wealth, and the next 19% owned 51%. Thus, the top 20% of Americans owned 86% of the country's wealth and the bottom 80% of the population owned 14%. In 2011, financial inequality was greater than inequality in total wealth, with the top 1% of the population owning 43%, the next 19% of Americans owning 50%, and the bottom 80% owning 7%. However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 35% to 37%, and that owned by the top 20% of Americans grew from 86% to 88%. The Great Recession also caused a drop of 36% in median household wealth, but a drop of only 11% for the top 1%, further widening the gap between the top 1% and the bottom 99%.
According to PolitiFact and others, in 2011 the 400 wealthiest Americans have more wealth than half of all Americans combined. Inherited wealth may help explain why many Americans who have become rich may have had a substantial head start. In September 2012, according to the Institute for Policy Studies, over 60 percent of the Forbes richest 400 Americans grew up in substantial privilege.
In 2013 wealth inequality in the U.S. was greater than in most developed countries other than Switzerland and Denmark. In the United States, the use of offshore holdings is exceptionally small compared to Europe, where much of the wealth of the top percentiles is kept in offshore holdings. While the statistical problem is European wide, in Southern Europe statistics become even more unreliable. Fewer than a thousand people in Italy have declared incomes of more than 1 million euros. Former Prime Minister of Italy described tax evasion as a "national pastime". According to a 2014 Credit Suisse study, the ratio of wealth to household income is the highest it has been since the Great Depression.
However, according to the Federal Reserve, "For most households, pensions and Social Security are the most important sources of income during retirement, and the promised benefit stream constitutes a sizable fraction of household wealth" and "including pensions and Social Security in net worth makes the distribution more even". A September 2017 study by the Federal Reserve reported that the top 1% owned 38.5% of the country's wealth in 2016.
Pioneering work by Simon Kuznets using income tax records and his own well-researched estimates of national income showed a reduction of about 10% in the portion of national income going to the top 10%, a reduction from about 45–50% in 1913 to about 30–35% in 1948. This period spans both The Great Depression and World War II, events with significant economic consequences. This is called the Great Compression.
There is an important distinction between income and wealth. Income refers to a flow of money over time in the form of a rate (per hour, per week, or per year); wealth is a collection of assets owned minus liabilities. In essence, income is specifically what people receive through work, retirement, or social welfare whereas wealth is what people own. While the two are seemingly related, income inequality alone is insufficient for understanding economic inequality for two reasons:
The United States Census Bureau formally defines income as received on a regular basis (exclusive of certain money receipts such as capital gains) before payments for personal income taxes, social security, union dues, medicare deductions, etc. By this official measure, the wealthiest families may have low income, but the value of their assets earns enough money to support their lifestyle. Dividends from trusts or gains in the stock market do not fall under the definition of income but are the primary money flows for the wealthy. Retired people also have little income but usually have a higher net worth because of money saved over time.
Additionally, income does not capture the extent of wealth inequality. Wealth is derived over time from the collection of income earnings and growth of assets. The income of one year cannot encompass the accumulation over a lifetime. Income statistics view too narrow a time span for it to be an adequate indicator of financial inequality. For example, the Gini coefficient for wealth inequality increased from 0.80 in 1983 to 0.84 in 1989. In the same year, 1989, the Gini coefficient for income was only 0.52. The Gini coefficient is an economic tool on a scale from 0 to 1 that measures the level of inequality. 1 signifies perfect inequality and 0 represents perfect equality. From this data, it is evident that in 1989 there was a discrepancy about the level of economic disparity with the extent of wealth inequality significantly higher than income inequality. Recent research shows that many households, in particular those headed by young parents (younger than 35), minorities, and individuals with low educational attainment, display very little accumulation. Many have no financial assets and their total net worth is also low.
According to the Congressional Budget Office, between 1979 and 2007 incomes of the top 1% of Americans grew by an average of 275%. ... (Note: The IRS insists that comparisons of adjusted gross income pre-1987 and post-1987 are complicated by large changes in the definition of AGI led to households in the top income quintile reporting a lot more of their income in their individual income tax form's AGI, rather than reporting their business income in separate corporate tax returns, or not reporting certain non-taxable income in their AGI at all, such as municipal bond income. Anyone who wants to discuss incomes in the U.S. fairly must include a chart of all available data split by quintile up to the mid-1980s. That should be followed by a chart from 1990 to 2011. The five-year gap would avoid the major AGI definition changes. The big picture of this subject is not just a segment of all available data starting in 1979, especially after the IRS warned about the large AGI definition changes in the late 1980s). In addition, IRS studies consistently show a majority of households in the top income quintile have moved to a lower quintile within one decade. There are even more changes to households in the top 1%. Without including those data here, a reader is likely to assume households in the Top 1% are almost the same from year to year.) In 2009, people in the top 1% of taxpayers made $343,927 or more. According to US economist Joseph Stiglitz the richest 1% of Americans gained 93% of the additional income created in 2010. A study by Emmanuel Saez and Piketty showed that the top 10 percent of earners took more than half of the country's total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago. People in the top one percent were three times more likely to work more than 50 hours a week, were more likely to be self-employed, and earned a fifth of their income as capital income. The top one percent was composed of many professions and had an annual turnover rate of more than 25%. The five most common professions were managers, physicians, administrators, lawyers, and teachers.
In the book Modern Labor Economics: Theory and Public Policy, it is noted that in the United States all income that employees received from their employers in 2012 was 8.6 trillion dollars while the amount of money received from all other sources of personal income in that year came to 5.3 trillion dollars. This makes the relationship of employee to employer and vocational employment in general of paramount importance in the United States.
In 2013 UNICEF data on the well-being of children in 35 developed nations ranked the United States at 34 out of 35 (Romania is the worst). This may reflect growing income inequality.
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The Federal Reserve reported the median value of stock ownership by income group for 2016:
NPR reported that when politicians reference the stock market as a measure of economic success, that success is not relevant to nearly half of Americans. Further, more than one-third of Americans who work full-time have no access to pensions or retirement accounts such as 401(k)s that derive their value from financial assets like stocks and bonds. The NYT reported that the percentage of workers covered by generous defined-benefit pension plans has declined from 62% in 1983 to 17% by 2016. While some economists consider an increase in the stock market to have a "wealth effect" that increases economic growth, economists like Former Dallas Federal Reserve Bank President Richard Fisher believe those effects are limited.
Essentially, the wealthy possess greater financial opportunities that allow their money to make more money. Earnings from the stock market or mutual funds are reinvested to produce a larger return. Over time, the sum that is invested becomes progressively more substantial. Those who are not wealthy, however, do not have the resources to enhance their opportunities and improve their economic position. Rather, "after debt payments, poor families are constrained to spend the remaining income on items that will not produce wealth and will depreciate over time." Scholar David B. Grusky notes that "62 percent of households headed by single parents are without savings or other financial assets." Net indebtedness generally prevents the poor from having any opportunity to accumulate wealth and thereby better their conditions.
Economic inequality is a result of difference in income. Factors that contribute to this gap in wages are things such as level of education, labor market demand and supply, gender differences, growth in technology, and personal abilities. The quality and level of education that a person has often corresponds to their skill level, which is justified by their income. Wages are also determined by the "market price of a skill" at that current time. Although gender inequality is a separate social issue, it plays a role in economic inequality. According to the U.S. Census Report, in America the median full-time salary for women is 77 percent of that for men. Also contributing to the wealth inequality in the U.S., both unskilled and skilled workers are being replaced by machinery. The Seven Pillars Institute for Global Finance and Ethics argues that because of this "technological advance", the income gap between workers and owners has widened.
Income inequality contributes to wealth inequality. For example, economist Emmanuel Saez wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. From 2009 to 2012, the top 1% captured 91% of the income gains.
Notably, for both the wealthy and not-wealthy, the process of accumulation or debt is cyclical. The rich use their money to earn larger returns and the poor have no savings with which to produce returns or eliminate debt. Unlike income, both facets are generational. Wealthy families pass down their assets allowing future generations to develop even more wealth. The poor, on the other hand, are less able to leave inheritances to their children leaving the latter with little or no wealth on which to build...This is another reason why wealth inequality is so important, its accumulation has direct implications for economic inequality among the children of today's families.
Corresponding to financial resources, the wealthy strategically organize their money so that it will produce profit. Affluent people are more likely to allocate their money to financial assets such as stocks, bonds, and other investments which hold the possibility of capital appreciation. Those who are not wealthy are more likely to have their money in savings accounts and home ownership. This difference comprises the largest reason for the continuation of wealth inequality in America: the rich are accumulating more assets while the middle and working classes are just getting by. As of 2007, the richest 1% held about 38% of all privately held wealth in the United States. while the bottom 90% held 73.2% of all debt. According to The New York Times, the richest 1 percent in the United States now own more wealth than the bottom 90 percent.
However, other studies argue that higher average savings rate will contribute to the reduction of the share of wealth owned by the rich. The reason is that the rich in wealth are not necessarily the individuals with the highest income. Therefore, the relative wealth share of poorer quintiles of the population would increase if the savings rate of income is very large, although the absolute difference from the wealthiest will increase.
As the price of commodities increases because of inflation, a larger percentage of lower-class people's money is spent on things they need to survive and go to work, such as food and gasoline. Most of the working poor are paid fixed hourly wages that do not keep up with rises in prices, so every year an increasing percentage of their income is consumed until they have to go into debt just to survive. At this point, their little wealth is owed to lenders and banking institutions.
The nature of tax policies in America has been suggested by economists and politicians such as Emmanuel Saez, Thomas Piketty, and Barack Obama to perpetuate economic inequality in America by steering large sums of wealth into the hands of the wealthiest Americans. The mechanism for this is that when the wealthy avoid paying taxes, wealth concentrates to their coffers and the poor go into debt.
The economist Joseph Stiglitz argues that "Strong unions have helped to reduce inequality, whereas weaker unions have made it easier for CEOs, sometimes working with market forces that they have helped shape, to increase it." The long fall in unionization in the U.S. since WWII has seen a corresponding rise in the inequality of wealth and income.
There are many causes, including years of home ownership, household income, unemployment, and education, but inheritance might be the most important. Inheritance can directly link the disadvantaged economic position and prospects of today's blacks to the disadvantaged positions of their parents' and grandparents' generations. According to a report done by Robert B. Avery and Michael S. Rendall, "one in three white households will receive a substantial inheritance during their lifetime compared to only one in ten black households." This relative lack of inheritance that has been observed among African Americans can be attributed in large part to factors such as unpaid labor (slavery), violent destruction of personal property in incidents such as Red Summer of 1919, unequal opportunity in education and employment (racial discrimination), and more recent policies such as redlining and planned shrinkage. Other ethnic minorities, particularly those with darker complexions, have at times faced many of these same adversities to various degrees.
The article "America's Financial Divide" added context to racial wealth inequality stating "…nearly 96.1 percent of the 1.2 million households in the top one percent by income were white, a total of about 1,150,000 households. In addition, these families were found to have a median net asset worth of $8.3 million. In stark contrast, in the same piece, black households were shown as a mere 1.4 percent of the top one percent by income, that's only 16,800 homes. In addition, their median net asset worth was just $1.2 million. Using this data as an indicator only several thousand of the over 14 million African American households have more than $1.2 million in net assets… Relying on data from Credit Suisse and Brandeis University's Institute on Assets and Social Policy, the Harvard Business Review in the article "How America's Wealthiest Black Families Invest Money" recently took the analysis above a step further. In the piece the author stated "If you're white and have a net worth of about $356,000, that's good enough to put you in the 72nd percentile of white families. If you're black, it's good enough to catapult you into the 95th percentile." This means 28 percent of the total 83 million white homes, or over 23 million white households, have more than $356,000 in net assets. While only 700,000 of the 14 million black homes have more than $356,000 in total net worth." According to Inequality.org, the median black family is actually only worth $1,700 when you deduct these durables. In contrast, the median white family holds $116,800 of wealth using the same accounting methods. Some historical context: In South Africa, during the atrocities of apartheid, the median black family held about 7 percent of typical white South African family net worth. Today, using Wolff’s analysis, the median African American family holds a mere 1.5 percent of median white American family wealth.
A recent piece on Eurweb/Electronic Urban Report "Black Wealth Hardly Exists, Even When You Include NBA, NFL and Rap Stars" stated this about the difference between black middle class families and white middle class families. "Going even further into the data, a recent study by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED) found that it would take 228 years for the average black family to amass the same level of wealth the average white family holds today in 2016. All while white families create even more wealth over those same two hundred years. In fact, this is a gap that will never close if America stays on its current economic path. According to the Institute on Assets and Social Policy, for each dollar of increase in average income an African American household saw from 1984 to 2009 just $0.69 in additional wealth was generated, compared with the same dollar in increased income creating an additional $5.19 in wealth for a similarly situated white household."
Author Lilian Singh wrote on why the perceptions about black life created by media are misleading in the American Prospect piece "Black Wealth On TV: Realities Don’t Match Perceptions". "Black programming features TV shows that collectively create false perceptions of wealth for African-American families. The images displayed are in stark contrast to the economic conditions the average black family is battling each day."
In an article on Huffington Post by Antonio Moore "The Decadent Veil: Black America's Wealth Illusion" the question of inequity is taken another critical step forward and the piece digs into how celebrity is masking this massive inequality. Excerpt: "The decadent veil looks at black Americans through a lens of group theory and seeks to explain an illusion that has taken form over a 30-year span of financial deregulation and new found access to unsecured credit. This veil is trimmed with million-dollar sports contracts, Roc Nation tour deals and designer labels made for heads of state. As black celebrity invited us into their homes through shows like MTV cribs, we forgot the condition of overall African American financial affairs. Despite a large section of the 14 million black households drowning in poverty and debt the stories of a few are told as if they represent those of millions, not thousands. It is this new veil of economics that has allowed for a broad swath of America to become not just desensitized to black poverty, but also hypnotized by black celebrity… The decadent veil not only warps the black community's vision outward to a larger economic world, but it also distorts outside community's view of Black America's actual financial reality."
According to an article by the Pew research Center, the median wealth of non-Hispanic black households fell nearly 38% from 2010 to 2013. During that time, the median wealth of those households fell from $16,600 to $13,700. The median wealth of Hispanic families fell 14.3 % as well, from $16,000 to $14,000. Despite the median net worth of all households in the United States decreasing with time, as of 2013, white households had a median net worth of $141,900 while black house households had a median net worth of just $11,000. Hispanic households had a median net worth of just $13,700 over that time as well.
A 2014 study by researchers at Princeton and Northwestern concludes that government policies reflect the desires of the wealthy, and that the vast majority of American citizens have "minuscule, near-zero, statistically non-significant impact upon public policy … when a majority of citizens disagrees with economic elites and/or with organized interests, they generally lose." When Fed chair Janet Yellen was questioned by Bernie Sanders about the study at a congressional hearing in May 2014, she responded "There’s no question that we’ve had a trend toward growing inequality" and that this trend "can shape [and] determine the ability of different groups to participate equally in a democracy and have grave effects on social stability over time."
In Capital in the Twenty-First Century, French economist Thomas Piketty argues that "extremely high levels" of wealth inequality are "incompatible with the meritocratic values and principles of social justice fundamental to modern democratic societies" and that "the risk of a drift towards oligarchy is real and gives little reason for optimism about where the United States is headed."
According to Jedediah Purdy, a researcher at the Duke School of Law, the inequality of wealth in the United States has constantly opened the eyes of the many problems and shortcomings of its financial system over at least the last fifty years of the debate. For years, people believed that distributive justice would produce a sustainable level of wealth inequality. It was also thought that a certain state would be able to effectively diminish the amount of inequality that would occur. Something that was for the most part not expected is the fact that the inequality levels created by the growing markets would lessen the power of that state and prevent the majority of the political community from actually being able to deliver on its plans of distributive justice, however it has just lately come to attention of the mass majority.
The 2019 World Happiness Report shows the US slipping to 19th place due to increasing wealth inequality, along with rising healthcare costs, surging addition rates, and an unhealthy work–life balance.
Senator Elizabeth Warren proposed an annual tax on wealth in January 2019, specifically a 2% tax for wealth over $50 million and another 1% surcharge on wealth over $1 billion. Wealth is defined as including all asset classes, including financial assets and real estate. Economists Emmanuel Saez and Gabriel Zucman estimated that about 75,000 households (less than 0.1%) would pay the tax. The tax would raise around $2.75 trillion over 10 years, roughly 1% GDP on average per year. This would raise the total tax burden for those subject to the wealth tax from 3.2% of their wealth under current law to about 4.3% on average, versus the 7.2% for the bottom 99% families. For scale, the federal budget deficit in 2018 was 3.9% GDP and is expected to rise towards 5% GDP over the next decade. The plan received both praise and criticism. Two billionaires, Michael Bloomberg and Howard Schultz, criticized the proposal as "unconstitutional" and "ridiculous," respectively. Warren was not surprised by this reaction, stating: "Another billionaire who thinks that billionaires shouldn't pay more in taxes." Economist Paul Krugman wrote in January 2019 that polls indicate the idea of taxing the rich more is very popular.
Senators Charles Schumer and Bernie Sanders advocated limiting stock buybacks in January 2019. They explained that from 2008-2017, 466 of the S&P 500 companies spent $4 trillion on stock buybacks, about 50% of profits, with another 40% going to dividends. During 2018 alone, a record $1 trillion was spent on buybacks. Stock buybacks shift wealth upwards, because the top 1% own about 40% of shares and the top 10% own about 85%. Further, corporations directing profits to shareholders are not reinvesting the money in the firm or paying workers more. They wrote: "If corporations continue to purchase their own stock at this rate, income disparities will continue to grow, productivity will suffer, the long-term strength of companies will diminish — and the American worker will fall further behind." Their proposed legislation would prohibit buybacks unless the corporation has taken other steps first, such as paying workers more, providing more benefits such as healthcare and pensions, and investing in the community. To prevent corporations from shifting from buybacks to dividends, they proposed limiting dividends, perhaps by taking action through the tax code.
Now, those policies and their progeny have helped put 63 percent of America’s private wealth in the hands of U.S. millionaires and billionaires, BCG said. By 2021, their share of the nation’s wealth will rise to an estimated 70 percent.
Events from the year 1798 in the United States.Centimillionaire
Centimillionaire (or centomillionaire) is an individual with net assets of US$100 million or more. A synonymous term is hectomillionaire. In terms of the number of digits in the unit, it is in between decamillionaire and billionaire. The term hecto derives from French and in English multiplies the unit it is attached to by a hundred. The term centi derives from Latin and term centimillionaire has become synonymous with hectomillionaire in America, despite the centi- prefix meaning the one hundredth of a whole, not 100, in the metric system. Offshoots of the term include pent-hectomillionaire, referring to those who are halfway to becoming billionaires. The rising prevalence of people possessing ever increasing quantities of wealth has given rise to additional terms to further differentiate millionaires. A hectomillionaire has a net worth of more than 100 million units of currency. In discussions on wealth inequality in the United States, hectomillionaires are said to be in the richest 0.01%, prompting calls for a redistribution of wealth. In terms of their influence, hectomillionaires can be on par with billioniares in their ability to shape government policies. Although there are some developing and smaller countries, or provinces of larger and developed countries that do not have any billionaires, these places often have at least one centimillionaire.Disparity
Disparity and disparities may refer to:
Health disparitiesin finance:
Income disparity between females and males.
Male–female income disparity in the United States
Income gender gap
Income inequality metrics
Income inequality in the United States
Wealth inequality in the United Statesin science:
Binocular disparity, binocular cue to determine depth or distance of an object
ecology disparity refers to the number of different guilds occupying an ecosystem
the running disparity is the number of 1 bits minus the number of 0 bits.
a paired disparity code attempts to keep the running disparity close to zero.in social science:
Curvilinear Disparity is a political theory which posits that the rank and file members of a party tend to be more ideological than both the leadership of that party and its voters.Distribution of wealth in Europe
Wealth is the total sum value of monetary assets and valuable material possessions owned by an individual, minus private debt, at a set point in time. A Global Wealth Report is published annually by Credit Suisse.Inequality in the United States
Inequality in the United States may refer to:
Educational inequality in the United States
Gender inequality in the United States
Income inequality in the United States
Causes of income inequality in the United States
Racial inequality in the United States
Wealth inequality in the United StatesList of Americans by net worth
This is a list of American billionaires based on an annual assessment of wealth and assets.
Notably, the Forbes 400 Richest Americans list is published annually since 1982. The combined net worth of the 2017 class of the 400 richest Americans was $2.7 trillion, up from $2.4 trillion in the previous year. As of March 2018, the U.S. had 585 billionaires.Occupy Boston
Occupy Boston was a collective of protesters that settled on September 30, 2011 in Boston, Massachusetts, on Dewey Square in the Financial District opposite the Federal Reserve Bank of Boston. It is related to the Occupy Wall Street movement that began in New York City on September 17, 2011.As of June 2012, Occupy Boston had continued to engage in organized meetings, events and actions.Occupy Nashville
Occupy Nashville was a collaboration that began with demonstrations and an occupation located at Legislative Plaza in Nashville, Tennessee. Special legislation attempting to oust the Occupy Nashville demonstration passed the Tennessee House of Representatives and Tennessee Senate in February 2012.
As of June 2012, Occupy Nashville had continued to engage in organized meetings, events and actions.Occupy Pittsburgh
Occupy Pittsburgh was a collaboration that has included peaceful protests and demonstrations, with an aim to overcome economic inequality, corporate greed and the influence of corporations and lobbyists on government. The protest has taken place at several locations in Pittsburgh, notably Market Square, Mellon Green and the city's Oakland neighborhood adjacent to the University of Pittsburgh and Carnegie Mellon University. and East Liberty neighborhood.
As of June 2012, Occupy Pittsburgh had continued to engage in organized meetings, events and actions.Occupy Providence
Occupy Providence began on Saturday October 15, 2011. According to the Boston Globe, well over 1,000 demonstrators, including children and adults of various ages, peacefully marched through the capital city before setting up camp at Burnside Park in downtown Providence, RI and turning the park into a public "outhouse." The march made its way through the streets of downtown Providence, pausing outside such institutions as Bank of America, Providence Place Mall, and the Rhode Island State House.Finally, in January 2012, Occupy Providence agreed to suspend its 24-hour-a-day protest.Occupy Providence participants continued to engage in organized meetings, events and actions in Burnside Park in 2012, 2015, and 2016, although many fewer people attended these than the original Occupy Providence events.Occupy Rochester NY
Occupy Rochester NY was a collaboration that has included an Occupy movement encampment in Washington Square Park in Rochester, New York. The occupiers were initially given citations and arrested for violating park regulations. On November 10, 2011, however, they reached agreement with the city to camp in the south half of the park until mid January 2012. The agreement was due the work between Ryan Acuff, and John Smigle. Note that there is also a separate Occupy Rochester MN.As of June 2012, Occupy Rochester (NY) had continued to engage in organized meetings, events and actions.Occupy Sacramento
Occupy Sacramento was a collaboration occurring in Sacramento, California. Occupy Sacramento included peaceful protests and demonstrations. On October 6, 2011 a group of 200 protesters began demonstrating at César E. Chávez Plaza, located directly in front of Sacramento City Hall, as part of the "Occupy" protests. Those in attendance began a march to the California State Capitol at 10:00 AM without a proper permit to demonstrate at that location. Some arrests were made later that night.As of October 2012, Occupy Sacramento had continued to engage in organized meetings, events and protests.Occupy Salt Lake City
Occupy Salt Lake City was a collaboration that began on October 6, 2011 at Pioneer Park in downtown Salt Lake City, Utah, and has included protests and demonstrations. The protests were based on the Occupy Wall Street movement that started in New York City on September 17, 2011. The Occupy Salt Lake City mission is to stand in solidarity with those also protesting in Wall Street, the United States, and around the world.
As of June 2012, Occupy Salt Lake City had continued to engage in organized meetings, events and actions.Occupy San Diego
Occupy San Diego was one of the many occupation protest movements in the United States. Located in San Diego, California, the protest movement initially began in the city's downtown district at the Civic Center. According to authorities, it had "a growing problem with violence and mounting trash". However this assertion was disputed by protestors and eyewitnesses, since Occupy protestors have been actively cleaning the site since October, 2011. It is based on the Occupy Wall Street movement that began in New York City on September 17 and is one of several "Occupy" protest sites in the Southern California, including Occupy Los Angeles.
As of June 2012, Occupy San Diego had continued to engage in organized meetings, events and actions.Occupy San José
Occupy San José was a peaceful protest and demonstration in City Hall Plaza in San José, CA. The demonstration was inspired by Occupy Wall Street and is part of the larger "Occupy" protest movement. The aim of the demonstration was to begin a sustained occupation in downtown San José, the 10th largest city in the United States, to protest perceived corporate greed and social inequality, including opposing corporate influence in U.S. politics, the influence of money and corporations on democracy and a lack of legal and political repercussions for the global financial crisis.As of June 2012, Occupy San José had continued to engage in organized meetings and actions.After a year of actions and twice-weekly assemblies, Occupy San José celebrated their anniversary October 6, 2012.Occupy Vanderbilt
Occupy Vanderbilt was a collaboration that included demonstrations and an occupation located at Alumni Circle Lawn at Vanderbilt University in Nashville, Tennessee. Occupy Vanderbilt engaged in organized meetings, events and actions through March 2012. The occupation was in solidarity with the global occupy movement and Occupy Nashville, and is notable as the first protest encampment at Vanderbilt, the spread of which in countries like Argentina, Greece and Spain originally inspired the Occupy movement.Reagan tax cuts
The phrase Reagan tax cuts refers to changes to the United States federal tax code passed during the presidency of Ronald Reagan. There were two major tax cuts: The Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. The tax cuts popuarized the now imfamous phrase "Trickle-down economics" as it was the main principle of the tax cuts.
The first tax cut (The Economic Recovery Tax Act of 1981) cut the highest tax rate from 70% to 50%. The second tax cut (The Tax Reform Act of 1986) cut the highest rate from 50% to 38.5% but decreasing to 28% in the following years.Following the tax cuts, the US had a GDP Growth rate of over 4% in 4 of the 8 years of Reagan's Presidency, including 1984 when there was a 7.4% GDP Growth rate. The average income grew by $17,000 from 1980 to 1990. The unemployment fell from 7.5% in 1981 to 5.4% in 1989, though it spiked to 10.8% in November 1982. The Federal tax revenue doubled from $517 Billion in 180 to 1,032 billion in 1990. Though, the Revenue as % of the GDP decreased from 18.5 to 17.4 in that same time. On the minus side of the tax cuts, the budget deficit increased from $74 billion in 1980 to $221 billion in 1990. The tax cuts are often used to explain the Wealth inequality in the United States as most sites will use data starting in 1980, one year before the tax cuts.The tax cuts were actually not very well known as an ABC News Poll in September 1986 showed that 63% of Americans, didn't know enough about the Tax Reform Act of 1986 to say if it was good or bad. Despite this, the tax cuts changed the US for the better or the worse. The US economy is known for low taxes compared to Europe, but European countries have more benefits, which the post-tax cuts America can't afford.Robert H. Frank
Robert Harris Frank (born January 2, 1945) is the Henrietta Johnson Louis Professor of Management and a Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University. He contributes to the "Economic View" column, which appears every fifth Sunday in The New York Times.
Frank's 2011 book is on wealth inequality in the United States.We are the 99%
We are the 99% is a political slogan widely used and coined by the Occupy movement. It was the name of a Tumblr blog page launched in late August 2011 and is a variation on the phrase "We The 99%" from an August 2011 flyer for the New York City General Assembly. A related statistic, the 1%, refers to the top 1% wealthiest people in society that have a disproportionate share of capital, political influence, and the means of production.
The phrase directly refers to the income and wealth inequality in the United States with a concentration of wealth among the top earning 1%. It reflects an opinion that the "99%" are paying the price for the mistakes of a tiny minority within the upper class. As of 2009, all households with incomes less than $343,927 belonged to the lower 99% of the United States' income distribution, according to IRS reports.
The slogan has also been used in other countries, not just the US.