The impending crisis : $b conditions resulting from the concentration of wealth in the United StatesBouroff, Basil A.
History
The impending crisis : $b conditions resulting from the concentration of wealth in the United States
Bouroff, Basil A.
Trusts, Industrial; United States -- Economic conditions; Wealth
The first glance at this table and a glance at the table on page 6 show
the reader that Mr. Shearman divided the population into three groups;
and Mr. Holmes divided it [SN: LINES OF DIVISION OF THE PEOPLE.] into
five groups. The bases of division are economic in both tables; but the
lines of division are very different with the one statistical authority
and the other. If we examine these lines, we shall find that Mr. Holmes’
fifth group consists of over 32½ million persons who, taken together,
had been worth a little over 3 billion dollars; so that, each person of
the group could have about $99 worth of wealth, as the average of table
I shows. The next higher group of the same author, which comprises
nearly 7 million persons, had, on an average, more wealth to each
person, than each person could have in the fifth group, hence the per
capita wealth of the fourth group of people was $377. While the group
still higher up in wealth, which consists of little over 17½ million
persons, and which had over 13 billion dollars’ worth of wealth, could
have $741 to every head, that is, if this wealth were equally divided
among them. The second group of Mr. Holmes’ division consists of over 5½
million persons, among whom the poorest ones had, probably not less than
$5,000 worth of wealth, as their average worth of over $59,000 shows.
Such a division of the population into five economic groups, if every
family is rightly and honestly valued, presents an immense amount of
truth to the public judgment.[13]
But what Mr. Shearman really did with his estimates and conclusions is
this: Seeing that the extent of poverty is appalling, he made the
division line in the group of [SN: SWEEPING AVERAGE.] well-to-do people;
he thus made the group of the very poor extend so far as to comprise
nearly 56 million persons; and then, by dividing the wealth of the
well-to-do persons among all these millions, he obtained an average of
$209 worth of wealth to every pauper, to every tramp, to every man,
woman and child,—who have had no wealth, and have had no rights whatever
to the wealth they are nominally represented as entitled to.
Public-domain text, read in full here on John Shaqi.
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