government statistics and Depressions

Doug Henwood dhenwood at
Tue Jul 11 18:43:49 MDT 1995

At 2:54 PM 7/11/95, Bernard J. Goitein wrote:

>Re damning data: The New YOrk Times quoted a report last month based on US
>government reports (from the US Federal Reserve? ) demonstrating
>increasing concentration of wealth.  Specifically, as a result of the
>80's, by 1989, US concentration of wealth had recovered to pre -Great
>Depression proprtions, so that the top 1% of households owned just under 40%
>of the nation's wealth.
>Does Doug- or anyone else- know what federal reserve publication this was?

I think you're referring to the little book by Ed Woolf published by
Twentieth Century Fund called _Top Heavy_. It's based on Fed figures
mainly, their Survey of Consumer Finances.

One reason Woolf did the book was to argue for a wealth tax; he simulates
how mucy the German, Swiss, and Swedish systems could raise in the US (big
$$). Curiously, though, I don't think that aspect of the book was mentioned
in the NYT piece.



Doug Henwood
[dhenwood at]
Left Business Observer
250 W 85 St
New York NY 10024-3217
+1-212-874-4020 voice
+1-212-874-3137 fax

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