While the Republicans insist on boasting American exceptionalism, their policies actually perpetuate the opposite. In reality, America isn’t as exceptional as the GOP wants to believe. Ten percent of the world’s poorest people live in the United States.
In America, 50 million of the country’s 243 million adults are living in considerable poverty as part of the world’s poorest 10 percent. More than 110 million American adults are part of the world’s richest 10 percent. New wealth has exploded since 2009, with the richest top 10 percent increasing its net worth by at least $1 million.
The average one percenter has hoarded $5 million since the recession, on average, while the American middle class is struggling. America is the only region where the middle-class doesn’t own its equivalent share of wealth.
According to a Credit Suisse world wealth report:
The average wealth of middle-class adults in North America is barely half the average for all adults. In contrast, middle-class wealth per adult in Europe is 130% of the regional average; the middle class in China is three times better off in wealth terms than the country as a whole; and the average wealth of the middle class in both India and Africa is ten times the level of those in the rest of the population.
American exceptionalism? If Republicans want to herald that idea, then they need to start getting behind policies that will support it.
For more on this story, visit TruthDig “New 2015 Wealth Data Reveal U.S. Inequality at Its Ugliest”