Income Inequality and Democratic Control of Congress

Making America Great and Democratic Again!

Graph of Income Inequality 1913-2012

Figure 1 (click on link above)
The share of U.S. wealth owned by the top 0.1. percent of families, 1913-2012

from Exploding Wealth Inequality in the United States

Emmanuel Saez and Gabriel Zucman, October 20, 2014

From 1913 until 1933 between 15-25% of U.S. wealth was owned by the top 0.1%

From 1933 until 1947 that was reduced from 25% to 10% (mostly during FDR's terms)

From 1947 until 1990 the percentage remained constant at around 10%

From 1990 until 2013 the percentage increased steadily until it was about 23%

The Rise and Fall of Middle Class Wealth

Figure 2 (click on link above)
The share of total US wealth owned by the bottom 90 percent of families, 1913-2012

from Exploding Wealth Inequality in the United States

Emmanuel Saez and Gabriel Zucman, October 20, 2014

From 1913 until 1933 wealth owned by the bottom 90% declined from above 20% to about 15%
From 1933 until 1985 wealth owned by the bottom 90% grew from15% to 36%
Form 1985 until 2012 wealth owned by the bottom 90% declined to 23% were it was in 1940

Wikimedia: Control of US Congress & White House 1855-2017

Click on link above

From 1919 until 1933 Republicans had control of both Houses of Congress for the 14 years

From 1933 until 1982 Democrats had control of both houses for all but 4 years

From 1982 until the present control of both has either alternated or been split.

Harry Truman said "if you want to live like a Republican vote for a Democrat"

The case for this has also been made for the stock market.

Of course correlation does not necessarily mean causation.

The most important point is to recognize that when Trump is pointing to a great American past many working class and middle class American have shared that past. We might have made a lot of technological advances since the 50's, 60's and 70's however economically the American working and middle classes were in better shape then.

Democrats ought to lay claim to that past by making a reduction in income inequality and a greater share of wealth for the lower 90% their main goals.

Only a very few wealthy families have benefited from income inequality.

Only the upper 0.1% have increased their share.

Those in the upper 1% not the 0.1% did not increase their share.

Those in the upper 10% but not in the upper 1% actually decreased their share.

Of course every one in the lower 90% decreased their share.