The wealth gap is ginormous... even for billionaires. Join the crowd that wants to shrink it - igg.me/at/comi... Here's a link to the chart joshworth.com/...
The top 0.1% is the part that surprises me here. You always hear about the 80/20 split or whatever, but apparently at that level, not even that can describe the situation. The extreme wealth at the top is so wild that it's a damn shame that we can't at least provide people with their basic needs as a baseline.
@@user-np9hr3cf2r Could be true, I'd need to see more specific data, the average household disposable income in US is $67k. So, it's hard to assess without seeing more specific breakdowns. As I said, often what seems true is completely the opposite of what the data says.
This is undoubtedly in the top 10 most important infographics on YT. Too bad it only reached 12k. Let's just hope the algorithm picks up in the future. The perfect right angle that persists even in the 99.90-100.00% is something that needs to be seen AND understood.
Such an important video. This topic needs to be brought back with the fervor and pitch that it had during the 2007 financial crisis… that to me was always going to be the silver lining of that crash; people would rise up and demand better from their country. Instead, quite suspiciously, the political narrative in the country quickly took a hard turn and suddenly we all found ourselves fighting about gender and race, rather that economics. There’s a big difference here. When we talk economics, we’re united against the 1%. When we talk identity politics, we fight each other. That’s exactly how they want it.
This video is fantastic, understanding these concepts is essential, thanks for teaching me. Keep doing this work yall. I don't think anythings more important right now.
Gotta use log scale because their greed/corruption/regulatory capture is so depressing. (And it looks like a process that involves power law distribution &| differential equations.)
One person or one family having that much wealth is terrible for any economy because one person can only spend so much money.. therefore they are taking that money right out of the economy.
The 1% of the wealth belongs to glorified admins and gamblers who don't make money by producing necessities but by convincing people that their product is a necessity. My question is if the ones who handle the money get paid the most who's going to actually do the work that made the money? These people have assets and investments too. Why are the people who handle the money taking such a huge chunk for themselves?
It'd be a lot more representative of wealth distribution, if you filled a square with circles, whose area are proportional to wealth of each person/group-median
Also the tax bracket we use is outdated. $400,000 in the 1940s was for the very top of the us ecosystem like having a separate bracket for the very rich. Now 400000 can mean doctors and lawyers even household incomes in expensive areas who arent outrageously rich are paired with Jeff Bezos. So they will vote for lower taxes. And thats part of the problem.
Wow. A video showing the absolute insanity that is the disparity between the poor, poor, poor and the far-too-rich, from a year ago, that only has 1,800 views. I wonder why the 'algorithm' didn't pick this up and spread it far and wide?
Because this video presents the data badly. Wealth growth that matters is a growth in % not in absolute number. If you have a skill that can grow wealth by $100,000 dollars per year, that's your worth in money terms. If you have skill that can grow any size of wealth by 20% per year, people will give you billions to make that happen, your worth will be $20m assuming you have $1b
Here in Brazil, the 6 richest people in the country are worth more in net worth than half of the population (110 million people) combined! The inequality is insane, this is why we are the 9th most unequal country in the world.
saw it on Asmon's stream too. It's crazy that this is such a "forgotten" video with only 8k views and a year old. Gonna share this myself with a few friends, it deserves recognition!
The ITSA Live videos are recordings of a Twitter Space we do, and not very new viewer friendly (though the conversation on them is often really compelling). The other more produced videos on the Comingle, though, are fun and new viewer friendly, if you want to check those out. Like the How to Win a Strike one, the Comingle in 90 Seconds one, the one about economists in the woods, etc. They're all together in the Comingle Playlist.
Asmon sent me here. The results of that chart are rather concerning. It doesn't tell the full story, but it tells me enough to see that the options to amass enough wealth to live comfortably have nearly diminished, and the gap is only growing wider. It's rather depressing to see. Thanks for the video.
The problem is the quality of data, and your definition of wealth. The number of millionaires and billionaires is unknown, only the ones who want to be known are famous, plenty would prefer to remain private. Also you define wealth as the value of everything they own, this is very complicated for tax reasons. Elon Musk’s wealth is all on paper; if he tried to sell everything he wouldn’t get face value for it. There is also the question of individual vs household; are Elon Musk’s children wealthy? They probably don’t own anything, but they live well, a trust pays for their expenses, but your chart wouldn’t count them as wealthy.
Wealth inequality might be bad, but what this graph fails to show is that while the rich are getting richer, the poor are also getting richer. There isn't a limited amount of wealth that people just divide among themselves, with the rich getting most of it and leaving the crumbs to the poor. Wealth is constantly being created, so everybody gets richer, including the poor. The rich just get richer more quickly than anyone else because they provide goods and services that people actually want. Also, net worth gives off the wrong image. It's not like Bezos could just sell all of his assets and have 100 billion dollars, he could freely spend. He would have to pay lots of taxes, and the price would definetely go down when he's selling all his shares. His net worth is just a theoretical amount of money all his assets are worth, not liquid wealth he can use.
@Comingle The U.S. is not a Democracy, It is in fact a Constitutional Republic. Look it up, Google it, Read a History Book, or for goodness sake cay the U.S. pledge, you know the part where it says "to the Republic for which it stands" ! Remember! You Remember!
@@ad10bv Then you more than likely failed History. Here's a idea Google it before replying! ONCE MORE ! "I pledge allegiance to the Flag of the United States of America and to the Republic for which it stands, one nation, indivisible, with liberty and justice for all."
@@ad10bv the only thing I remember in history that was related to Democracy was Democrats which Voted to keep slavery, to keep blacks from getting the vote, voted in jim crow.
liked subbed commented, asmon was here. This is so important to be exposed and to be taught.
dont forget to play the vid in the back ground
Ditto
Asmon as in Asmongold? The nasty Twitch streamer guy?
@@ChangTheDestroyerOfficial
Yes. And his take of this wasn't the best.
This is some great work. It should be seen by way more people.
great video. When the graph moved to 0.1% and the slope disappeared was pretty poetic to current times.
Dang. This is uh, a reality check. Good lord.
More people need to see this!!
Great video, hope you get some well deserved exposure from it!!
The information in this video should be taught in every school.
The top 0.1% is the part that surprises me here. You always hear about the 80/20 split or whatever, but apparently at that level, not even that can describe the situation. The extreme wealth at the top is so wild that it's a damn shame that we can't at least provide people with their basic needs as a baseline.
There's no way that many people are above zero. Almost every college grad has to be circling the drain...
I thought that was weird too. The data I had for the below zero crowd wasn't great
@@comingle2559 This is why I love data. I realize that most of my waking assumptions about life are just factually wrong. 🤣🤣🤣
That’s bs. A lot of college kids are ”below zero” but come from american families that have a net worth over 500k. Not all, but a lot.
@@user-np9hr3cf2r Could be true, I'd need to see more specific data, the average household disposable income in US is $67k. So, it's hard to assess without seeing more specific breakdowns.
As I said, often what seems true is completely the opposite of what the data says.
wow this is a really good video
I love the ambience you put into this vid, really helps bring the point across.
Really good content ! More people should see this !
This is undoubtedly in the top 10 most important infographics on YT.
Too bad it only reached 12k. Let's just hope the algorithm picks up in the future.
The perfect right angle that persists even in the 99.90-100.00% is something that needs to be seen AND understood.
Saw this from Asmon. Good job! Keep up the good work.
Wait... only 2.4k views?
It should be millions. People need to know how rich the rich are.
Must be the rich billionaires hoarding all the views 😡
Such an important video. This topic needs to be brought back with the fervor and pitch that it had during the 2007 financial crisis… that to me was always going to be the silver lining of that crash; people would rise up and demand better from their country. Instead, quite suspiciously, the political narrative in the country quickly took a hard turn and suddenly we all found ourselves fighting about gender and race, rather that economics. There’s a big difference here. When we talk economics, we’re united against the 1%. When we talk identity politics, we fight each other.
That’s exactly how they want it.
Great vid, wouldnt have found it if not for Asmon, subbed :)
came here from Asmon to give this guy a like and sub
This video is fantastic, understanding these concepts is essential, thanks for teaching me. Keep doing this work yall. I don't think anythings more important right now.
Great video! I liked and subscribed.
Gotta use log scale because their greed/corruption/regulatory capture is so depressing.
(And it looks like a process that involves power law distribution &| differential equations.)
good video, asmon sent me
Great Vid!!
A shout out to my comrades below zero!
@Comingle Is there any chance we can get a link to the chart you made for this video? Great work guys!
Here you go... joshworth.com/jpw/i-made-a-chart-of-wealth-inequality-and-it-sucks/
One person or one family having that much wealth is terrible for any economy because one person can only spend so much money.. therefore they are taking that money right out of the economy.
Thank you for this. Is your chart available to the public?
You can see it over here... joshworth.com/jpw/i-made-a-chart-of-wealth-inequality-and-it-sucks/
Been meaning to make the code public
Great video, What software do you use to create your charts?
4:41 and these are the people politicians actually make politics for
Great video!
More people should see this
incredibly important for the world's safety and future
Check out the other vids on this channel, too. Good stuff here.
Great video
The Bald Man Cometh... We're here to like and subscribe
Don't forget to watch his whole video. UA-cam tracks that shit lol
This is the Pareto principle in action, basically. Good stuff. Scary stuff.
That was very interesting.
6!comments! Out of 1.2K views. Apathy and defeat
Nice video man
The 1% of the wealth belongs to glorified admins and gamblers who don't make money by producing necessities but by convincing people that their product is a necessity. My question is if the ones who handle the money get paid the most who's going to actually do the work that made the money? These people have assets and investments too. Why are the people who handle the money taking such a huge chunk for themselves?
Another Asmon call-out
Great vid bud 🫵🏿
Just trying to boost this in the algorithm
really nice, keep it up
Here from the bald one, nice video
Spread the video!
Very good work, friend. Hope I see you at the bottom. We'll be sharing chips.
Amazing video, this country is so joever
Excellent video!
I think the 98th percentile is probably doing alright.
liked subbed commented, asmon was here.
Asmon sent me
It'd be a lot more representative of wealth distribution, if you filled a square with circles, whose area are proportional to wealth of each person/group-median
Good video ! Subbed and liked (and commented I guess since I'm commenting rn lulululul). I come from the asmongold reaction to your video
this is just awesome
society has failed
Blame Reagan and Kennedy for cutting the wealth tax from 90% to 37%. Kennedy cause of the kennedy family and reagan cause of trickle down economics
Also the tax bracket we use is outdated. $400,000 in the 1940s was for the very top of the us ecosystem like having a separate bracket for the very rich. Now 400000 can mean doctors and lawyers even household incomes in expensive areas who arent outrageously rich are paired with Jeff Bezos. So they will vote for lower taxes. And thats part of the problem.
Good stuff!
thats why i dont care about money as much! care about health, family and eating good is just better!
Another Asmongold viewer here. Came here to like and sub, keep up the good work!
watch it directly from the source
Wow. A video showing the absolute insanity that is the disparity between the poor, poor, poor and the far-too-rich, from a year ago, that only has 1,800 views. I wonder why the 'algorithm' didn't pick this up and spread it far and wide?
Because this video presents the data badly. Wealth growth that matters is a growth in % not in absolute number. If you have a skill that can grow wealth by $100,000 dollars per year, that's your worth in money terms. If you have skill that can grow any size of wealth by 20% per year, people will give you billions to make that happen, your worth will be $20m assuming you have $1b
Here in Brazil, the 6 richest people in the country are worth more in net worth than half of the population (110 million people) combined! The inequality is insane, this is why we are the 9th most unequal country in the world.
The fact that this is an exponential curve and not a logistic curve is the epitome of what's wrong with this country
another asmongold transplant, good job, heres a like and sub
asmond sent me
Jesus. Effing. Jumped up. Christos.
Révolution! A la Bastille!
Unreal... but it is real. wow
That's capitalism. Bravo!
Watched this with asmongold, good vid.
asmongold
Asmongold shouted you out. Subbbed and great video. Factual and interesting... should be taught this in school
saw it on Asmon's stream too. It's crazy that this is such a "forgotten" video with only 8k views and a year old. Gonna share this myself with a few friends, it deserves recognition!
And remember, this is just for the U.S. Extend that (or extrapolate it) to the whole World, and you will better understand how fuck(ed) we are.
Came from asmongold. But all your current videos aren't new viewer friendly. Great video tho 😁👍
The ITSA Live videos are recordings of a Twitter Space we do, and not very new viewer friendly (though the conversation on them is often really compelling).
The other more produced videos on the Comingle, though, are fun and new viewer friendly, if you want to check those out. Like the How to Win a Strike one, the Comingle in 90 Seconds one, the one about economists in the woods, etc. They're all together in the Comingle Playlist.
I’m rich
Asmon sent me here. The results of that chart are rather concerning. It doesn't tell the full story, but it tells me enough to see that the options to amass enough wealth to live comfortably have nearly diminished, and the gap is only growing wider. It's rather depressing to see. Thanks for the video.
bump
🖖Asmon
Remember to steal from the rich (this is a joke)
👏 👏
a log scale might be more realistic
hi
Great video , find it watching Asmongold commenting on it.
Me too😂
a comment
The problem is the quality of data, and your definition of wealth. The number of millionaires and billionaires is unknown, only the ones who want to be known are famous, plenty would prefer to remain private. Also you define wealth as the value of everything they own, this is very complicated for tax reasons. Elon Musk’s wealth is all on paper; if he tried to sell everything he wouldn’t get face value for it. There is also the question of individual vs household; are Elon Musk’s children wealthy? They probably don’t own anything, but they live well, a trust pays for their expenses, but your chart wouldn’t count them as wealthy.
Wealth inequality might be bad, but what this graph fails to show is that while the rich are getting richer, the poor are also getting richer. There isn't a limited amount of wealth that people just divide among themselves, with the rich getting most of it and leaving the crumbs to the poor. Wealth is constantly being created, so everybody gets richer, including the poor. The rich just get richer more quickly than anyone else because they provide goods and services that people actually want. Also, net worth gives off the wrong image. It's not like Bezos could just sell all of his assets and have 100 billion dollars, he could freely spend. He would have to pay lots of taxes, and the price would definetely go down when he's selling all his shares. His net worth is just a theoretical amount of money all his assets are worth, not liquid wealth he can use.
Muh fixed pie fallacy
@Comingle The U.S. is not a Democracy, It is in fact a Constitutional Republic. Look it up, Google it, Read a History Book, or for goodness sake cay the U.S. pledge, you know the part where it says "to the Republic for which it stands" ! Remember! You Remember!
it's a representative democracy...
@@ad10bv Then you more than likely failed History. Here's a idea Google it before replying! ONCE MORE ! "I pledge allegiance to the Flag of the United States of America and to the Republic for which it stands, one nation, indivisible, with liberty and justice for all."
@@ad10bv Go ahead & show me where it says Democracy in the Pledge I'll Wait !!! Oh Yeah it never has. ;)
@@ad10bv whats our foundational document Oh Yeah thats right a Constitution!
@@ad10bv the only thing I remember in history that was related to Democracy was Democrats which Voted to keep slavery, to keep blacks from getting the vote, voted in jim crow.
Sub +1
Vote Joe, he has a plan! Go Joe Go!
Being poor is a choice, this becomes more true each year.
I come from less than nothing, retired at 30, self made.
Just dont be weak and stupid.
Great video