Robert Reich tells us that the rich made money last year:
The wealth of the 500 richest grew 25% this year, to $5.9 trillion.
Never in history have so few owned so much.
And because wealth confers political power and political power generates even greater wealth, expect this to grow exponentially.
Why we need a #WealthTax.
— Robert Reich (@RBReich) December 28, 2019
Hmm. OK. I can’t say I’m all that worried about that. For the definition of being rich is that you’ve made money – why it should surprise that the rich have made money is a bit of a puzzle therefore.
The other thing being that Reich doesn’t actually tell us what actually happened. That the poor got richer.
That’s total US wealth. About $100 trillion or so. As we can see it has been rising. Given our definition of rich being the people with wealth can’t say that it astonishes that the wealthy have got richer as the country has done.
But there’s more! The poor have also got richer:
That’s wealth owned by those we’re considering to be poor by this measure. Sure, it’s a fraction of the whole but that’s rather implicit in our division into rich and poor to start with.
The poor’s fraction of total wealth is rising:
And the rich’s share of wealth is falling over this past year or two:
So, Robert Reich gives us the total increase in wealth of the very richest. Without telling us that the poor’s portion of wealth is increasing, the rich’s falling. The reason being here that while what Reich actually desires is that these last two happen he cannot admit that they are because a Republican is in the White House.
For Reich isn’t even attempting to tell us anything about the economy or even economics. He’s engaged in political propaganda. Which is why Robert Reich is never worth listening to on anything. Ever.
Well, OK, one thing. He did have the good sense to only ever date Hillary Rodham the once. That makes him brighter than Bill, perhaps a low bar.