U.S. makes "great progress" at increasing economic inequality: CounterPunch

This photo taken on May 30, 2023 shows the Manhattanhenge in Manhattan of New York, the United States. (Xinhua/Li Rui)

Wealth is the value of what one owns minus one's debts. Many people owe more than all of what they own is worth.

NEW YORK, June 12 (Xinhua) -- One of the more impressive "accomplishments" of the United States in recent decades is how it has achieved greater economic inequality, though there are periods of "setbacks," in which economic inequality is reduced but followed by "improvements" resulting in even higher levels of inequality, according to an article published by CounterPunch on Friday.

"Advancing economic inequality has been a bipartisan undertaking," said the article. "The actions of both the Democrats and Republicans in power have increased economic inequality as their leaders, together, champion the interests of the rich and powerful at the expense of the middle and working classes."

Additionally, despite the growth in the diversity of the ruling class, economic inequality has continued to widen, it noted.

"Wealth is the value of what one owns minus one's debts. Many people owe more than all of what they own is worth. They have negative wealth. Then there are those at the top who have played a major role in our country's success at achieving such high levels of economic inequality," it said.

Data of the Federal Reserve Board showed that in 1989, the wealth of the 0.1 percent was 2.26 times greater than the poorest 50 percent. At the end of 2022, the value of their holdings, 17.6 trillion U.S. dollars, was more than four times greater than the wealth, 4.16 trillion dollars, of the poorest 50 percent of the U.S. population, it added.