- This statistic was particularly memorable in my opinion, the top one percent possesses from 40 to 50 percent of all the wealth that the nation has. Which is more than the bottom 90 percent put together. Even more surprising is what Parenti says 90 percent of all American families do not possess any real net worth. And what is most surprising is that this is being done in a country whose economy is thought of as being predominantly middle class. It seems that in reality only some Americans actually live comfortably with most people just making ends meet. And what is also interesting is the relation of all this to M-C-M. Those who already have money get richer, while others make money for their basic necessities.
- Given the fact that the level of inequality is very high in today’s society, it translates to the fact that the wealthy have greater power than others. They have more power over jobs, prices, and even politics, with campaign funding and holding political offices as examples cited by Parenti in his book. It also implies that a person’s success in life depends greatly on their social class, because it has become hard for people to move up socially and achieve financial freedom like it was before. This happens in our everyday lives through phenomena such as rising rent and housing prices, graduates coming out of college with loads of debt, and working-class citizens earning full-time salaries and still lacking basic needs.
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