The Great Devaluation

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Are rich people smarter than they were 30 years ago? Are they more talented or massively more productive? Do they add dramatically more value to society? What about the middle class? Are the middle class less intelligent today? Does the average person contribute substantially less value to society than they did just three decades ago?

In the last 30 years, the top 1 percent has gained $21 trillion in wealth. This may sound like a lot until it's measured against the bottom 50 percent, who have lost $900 billion in wealth during the same period, which exposes the numbers as obscene. Today the top 1 percent owns more than 50 percent of the wealth of the country. The bottom 80 percent own only 7 percent of the pie. The rich are getting richer and everyone else is getting poorer, literally.

Today, the average CEO makes 360 times more than the average employee. This means that for every month of work performed by a middle-class employee, the CEO only has to work one hour. These lucky few are considered rich and make up the top 1 percent of the population in the United States. Qualifications for membership in this elite status require an average income of over $1.3 million annually and ownership of assets that are worth more than $10 million. The next 60 percent of Americans are considered middle class. These individuals share an average income of $57,000 with a total net worth of $97,000. The remaining population in America are considered poor, make an average of ...