What is the Net Worth of the Bottom 50% ?

The President’s remarks at the recent State of the Union aroused my curiosity:

Since my election, the net worth of the bottom half of wage earners has increased by 47 percent — three times faster than the increase for the top 1 percent.

Questions:

This prompted the following questions:

  1. So, what is the average net worth of the bottom 50% of Americans?
  2. How has the average net worth of the bottom 50% changed over time, adjusted for inflation, starting around 1970?
  3. For extra bonus points, can you compare that to data on the top 1%?

Follow-up:

This sounds like it would make a good story for  The Indicator from Planet Money.

37 quotes that defined American politics in 2019

Here’s the story of the year in politics, in quotes.

1. “I would like you to do us a favor though because our country has been through a lot and Ukraine knows a lot about it.”

— President Trump to Ukraine President Volodymyr Zelensky, according to a later-released rough transcript of their July 25 phone call. Trump followed it up by asking Zelensky to investigate the Bidens and a conspiracy theory Trump harbored about Ukraine and 2016 election interference. (Trump would also later suggest that China investigate Hunter Biden.)

2. “As I said on the phone, I think it’s crazy to withhold security assistance for help with a political campaign.”

William B. Taylor Jr., the top U.S. diplomat to Ukraine, in a Sept. 9 text message to Ambassador to the European Union Gordon Sondland. The text, which was released in early October, was the first concrete proof that officials believed there to be a potentially corrupt quid pro quo between the Trump administration and Ukraine.

3. “I have news for everybody: Get over it. There’s going to be political influence in foreign policy.”

Acting White House chief of staff Mick Mulvaney, in an October White House news briefing, briefly confirming there was a quid pro quo with Ukraine involving military aid in exchange for Ukraine launching Trump’s preferred investigations. Mulvaney later recanted his admission.

4. “The DNC server and that conspiracy theory has got to go. If he continues to focus on that white whale, it’s going to bring him down.”

Former White House homeland security adviser Tom Bossert in September on Trump’s theory that Ukraine, rather than Russia, might have interfered in the 2016 election. Trump has since been impeached over the push for the probes.

Re-Read Bill Barr’s Infamous Letter With Full Quotes From the Mueller Report

Context is everything. Trump’s attorney general is a partisan hack

Attorney General William Barr released a letter to Congress on March 24, 2019, purporting to summarize the top-line conclusions of the Mueller report. Now that the full report has been made public it’s clear that Barr’s selective, partial quotations from the Mueller text amounted to brazen, dishonest sins of omission.

Barr has revealed himself as a partisan who is not to be trusted. Below, we republish his letter in full, with boldface additions of full sentences and context that Barr sanitized to mislead the public and please the president:

Jesus’ Hermeneutic (Richard Rohr)

Jesus’ approach to interpreting sacred text was radical for his time, yet honored his own Hebrew Bible (or what Christians call the Old Testament). Even though Jesus’ use of Scripture is plain enough for us to see in the Gospels, many Christians are accustomed to reading the Bible in a very different way. We simply haven’t paid attention and connected the dots! Over the next couple days, I’ll share some examples that reveal Jesus’ hermeneutic so that we might follow his methodology:

  • Jesus actually does not quote Scripture that much! In fact, he is criticized for not doing this: “you teach with [inner] authority and not like our own scribes” (Mark 1:22).
  • Jesus talks much more out of his own experience of God and humanity instead of teaching like the scribes and Pharisees, who operated out of their own form of case law by quoting previous sources.
  • Jesus often uses what appear to be non-Jewish or non-canonical sources, or at least sources scholars cannot verify. For example, “It is not the healthy who need the doctor, but the sick do” (see Mark 2:17, Matthew 9:12, and Luke 5:31), or the parable of the rich man and Lazarus (see Luke 16:19-31). His bandwidth of authority and attention is much wider than sola Scriptura. He even quotes some sources seemingly incorrectly (for example, John 10:34)!
  • Jesus never once quotes from nineteen of the books in his own Scriptures. In fact, he appears to use a very few favorites:
    • Exodus,
    • Deuteronomy,
    • Isaiah,
    • Hosea, and
    • Psalms—and those are overwhelmingly in Matthew’s Gospel, which was directed to a Jewish audience.
  • Jesus appears to ignore most of his own Bible, yet it clearly formed his whole consciousness. That is the paradox. If we look at what he ignores, it includes any passages—of which there are many—that appear to legitimate violence, imperialism, exclusion, purity, and dietary laws. Jesus is a biblically formed non-Bible quoter who gets the deeper stream, the spirit, the trajectory of his Jewish history and never settles for mere surface readings.
  • When Jesus does once quote Leviticus, he quotes the one positive mandate among long lists of negative ones: “You must love your neighbor as yourself” (Leviticus 19:18).