Comments by "Tony Wilson" (@tonywilson4713) on "Is Dynastic Wealth Destroying Democracy? | The Coffee Klatch with Robert Reich" video.

HEY ROBERT THERE IS A GRAPH SHOWING FAMILY WEALTH Google "congressional budget office family wealth" The very first item should be a link to the report Bernie Sanders commissioned. That report covers the years 1989 to 2019 is an update of an earlier report that only went up to 2013. If you go to the governments web page the report and an Xcel spreadsheet with all the data for all the graphs is downloadable. The very first graph from that report has had almost zero coverage by ANYONE. Richard Wolff commented on the report when it first came out. Politico ran a story about it MONTHS later and Kyle Kulinski dis a short video on the politico report. I have NOT heard anyone including Bernie Sanders make any noise regarding this report and that is an Indictment on all of you. That FIRST graph shows the family wealth of the Top 10%, Middle 40% and Bottom 10% of America from 1989 to 2019. It shows that over those 30 years how the actual wealth of the Bottom 50% has FALLEN because the actual value has barely changed while the number of people it represents has grown. Even better is when you compare the data for 2010 to 2007 versus 2019 to 2007 because that shows the effect of the GFC and the recovery afterwards. Correcting for population this is what's happened. The Top 10% LOST 11.1% of the wealth in the GFC but by 2019 were UP 21.7% on their 2007 wealth. The Middle 40% LOST 13.3% of the wealth in the GFC but by 2019 were UP 4.6% on their 2007 wealth. The Bottom 50% LOST 49.5% of the wealth in the GFC but by 2019 were STILL DOWN 21.8% on their 2007 wealth. So the people who caused the GFC and were bailed out with $4 Trillion from bush and another $4 Trillion from Obama and got $3.5 Trillion in tax breaks from Trump collectively were $30 Trillion better off by 2019 than they were in 2007. Meanwhile the People who did NOT cause the GFC but were hit hardest by it had by 2019 NOT RECOVERED. Plus since this is the congressional budget office data, which is basically irrefutable. I will dispute the claim by Heather that the Bottom 50% have combined wealth of $3.5 Trillion because that would mean they have suddenly gained $1.2 Trillion in wealth since 2019 when the CBO said they were worth $2.3 Trillion and that's just 5 years and in that time COVID happened. FYI - I am an Australian Engineer and it should NOT be an engineer let alone one form the other side of the planet point this out to you or any other American. My interest in Economics is in Energy Economics which came form a small consulting job/task I did in 2016 about Australia's energy future which is a disaster in progress and a disaster that's being repeated around the world and a disaster CAUSED BY ECONOMISTS. If you want to know about that let me know.
1