Joyce Appleby: The Wealth DivideRoundup: Historians' Take
Joyce Appleby is an emeritus professor of history at UCLA and the author of "The Relentless Revolution: A History of Capitalism."
We hear a great deal these days about the top 1% and the bottom 99% in the American economic pyramid. But we also need to consider the 11%.
From 1776 to the present, the bottom 60% of the American population, as USC historian Carole Shammas has documented, has never had more than 11% of the country's wealth. We may embrace the American dream of broad prosperity and wealth equity, but we have never been close to achieving it.
There has been an explosion of studies examining inequality in the United States recently. They have been both illuminating and, at times, confusing. Sometimes people refer to the top 1% and bottom 99% using income, and at other times the studies look at wealth. Sometimes they have focused on individuals, sometimes on households, where there might by two or three earners.
Does it matter? Yes. Let's start with the difference between income and wealth. The top 1% of today's earners make more than $700,000 annually, and the top 1% in terms of wealth have assets of more than $9 million....
comments powered by Disqus
- VW fires corporate historian who drew attention to wartime ties to Nazis
- Trump Recording Narrows Divide on Sexual Assault
- SUNY professor says Trump win at least 87 percent certain; other polls 'bunk'
- Petition Started to Include Clarence Thomas in National African American Museum
- The Racial Politics of Nat Turner Tours
- Garry Wills says there’s one human test we can use to decide who’s the better candidate: Trump or Clinton
- Get to Know the Semifinalists for the National Book Award
- Steven Runciman — historian, tease and professional enigma — is the subject of a biography
- Historian Eric Foner: Trump is Logical Conclusion of What the GOP Has Been Doing for Decades
- Ken Burns developing 'The Gene' based on Mukherjee's bestseller