Top 1% Holds More Wealth Than Entire Middle Class

The U.S. middle class — defined as the middle 60% of households — now holds a smaller share of wealth than top 1%, according to Schwab.

Jonathan Last: “This is bad. But it’s important to state why it’s bad. I would argue that it’s bad morally, in that increasing the leverage of capital relative to labor is unfair. But let’s leave morality aside.”

“It’s bad practically. Because the stress this disequilibrium puts on a society is significant. It contributes to social conflict, which then translates into political conflict.”