The post Watch Opportunity Skyrocket As Wealth Concentrates With The 0.00001% appeared on BitcoinEthereumNews.com.

NEW YORK, NEW YORK – DECEMBER 04: Jeff Bezos, founder and executive chairman of Amazon and owner of … More the Washington Post, takes the stage during the New York Times annual DealBook summit at Jazz at Lincoln Center on December 04, 2024 in New York City. The NYT summit with Ross Sorkin returns with interviews on the main stage including Sam Altman, co-founder and C.E.O. of OpenAI, Jeff Bezos, founder and executive chairman of Amazon and owner of the Washington Post, former U.S. President Bill Clinton and Prince Harry, The Duke of Sussex, among others. The discussions will touch on topics such as business, politics and culture. (Photo by Michael M. Santiago/Getty Images) Getty Images “It took four decades for the top 0.00001% of Americans’ share of total U.S. household wealth to grow from 0.1% in 1982 – when 11 households made up that rarefied group – to 1.2% in 2023.” The previous statistics come from the Wall Street Journal’s Juliet Chung, and are based on an analysis by Cal-Berkeley economist Gabriel Zucman. Zucman is plainly aghast at the growing wealth gap, and he’s also plainly wrong in his disgust. The simple, undeniable truth that evades economists is that as wealth at the top soars, so grows opportunity for those not at the top. The greater the gap, the much greater the opportunity. This statement of the obvious confuses economists because they studied for years to master a mode of thought that worships at the altar of consumption. Economists believe consumption powers economic growth, which reveals the problem…with economists. They don’t grasp that consumption is an effect of economic growth. As in consumption is what happens after the growth. Production always and everywhere precedes consumption, which explains the endless bullishness of the stats that give Zucman, Thomas Piketty, and…

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Filed under: News - @ May 4, 2025 7:20 pm