The 9.9 Percent: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture

The 9.9 Percent: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture

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  • Type:Epub+TxT+PDF+Mobi
  • Create Date:2021-10-13 10:21:07
  • Update Date:2025-09-06
  • Status:finish
  • Author:Matthew Stewart
  • ISBN:1982114185
  • Environment:PC/Android/iPhone/iPad/Kindle

Summary

A scorching, trenchant, analysis of how the wealthiest group in American society is making life miserable for everyone—including themselves。

In 21st century America, the top 0。1% of the wealth distribution have walked away with the big prizes even while the bottom 90% have lost ground。 What’s left of the American Dream has taken refuge in the 9。9% that lies just below the tip of extreme wealth。 Collectively, the members of this group control more than half of the wealth in the country—and they are doing whatever it takes to hang on to their piece of the action in an increasingly unjust system。

They log insane hours at the office and then turn their leisure time into an excuse for more career-building, even as they rely on an underpaid servant class to power their economic success and satisfy their personal needs。 They have segregated themselves into zip codes designed to exclude as many people as possible。 They have made fitness a national obsession even as swaths of the population lose healthcare and grow sicker。 They have created an unprecedented demand for admission to elite schools and helped to fuel the dramatic cost of higher education。 They channel their political energy into symbolic conflicts over identity in order to avoid acknowledging the economic roots of their privilege。 And they have created an ethos of “merit” to justify their advantages。 They are all around us。 In fact, they are us—or what we are supposed to want to be。

In The 9。9 Percent, Matthew Stewart argues that a new aristocracy is emerging in American society and it is repeating the mistakes of history。 It is entrenching inequality, warping our culture, eroding democracy, and transforming an abundant economy into a source of misery。 He calls for a regrounding of American culture and politics on a foundation closer to the original promise of America。

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Daily Kos reviewHe defines the 9。9 percent as the new aristocracy in order to argue their self-deception makes them a cause of our growing inequality, destabilizing politics and eroding democracy。。。。。Readers get financial information to help define the groups。 The 。1 percent have 160,000 households and 22 percent of American wealth in 2012, up from 10 percent in 1963。。。。。Part 3 through part 6 describes some ways the 9。9 percent game the system。Those in the 9。9 percent tend to be people of “good Daily Kos reviewHe defines the 9。9 percent as the new aristocracy in order to argue their self-deception makes them a cause of our growing inequality, destabilizing politics and eroding democracy。。。。。Readers get financial information to help define the groups。 The 。1 percent have 160,000 households and 22 percent of American wealth in 2012, up from 10 percent in 1963。。。。。Part 3 through part 6 describes some ways the 9。9 percent game the system。Those in the 9。9 percent tend to be people of “good family, good health, good schools, good neighborhoods and good jobs。”They meet and marry in process of “assortative mating。”。。。。Part 4 outlines the game in education。 Matthews reports 2。2 percent of America’s high school students graduate from private high schools and make up 26 percent of Harvard students。 Education for the “sake of society” has given way to a private benefit measured by higher salary, which helps the financial benefit of the college premium correlate with a decrease in social mobility。 Part 5 takes up tax subsides that favor the 9。9 percent and the 。1 percent who then fill the media whining about food stamps and welfare cheats。In part 6 readers learn the returns to real estate in the “right places” may account for essentially all of the increase in the concentration of wealth over the last 50 years and coincidentally much of the isolation of the 9。9 percent from the 90 percent。。。。。These first six parts establish a platform to discuss the politics of resentment。 Part 7 confronts and scoffs at the 9。9 percent’s delusions of a meritocracy, which Stewart argues has evolved into a class of aristocracy over only a few decades。In part 8 – the Politics of Resentment – inequality provokes a chain of consequences: resentment, political division, instability。Here Stewart lets Trump make his case by citing examples of Trump stoking the fires of resentment for political gain。 Stewart concedes the 。1 percent delight in their manipulations, but blames the 9。9 percent for taking “our cut of the spoils” while looking “on with smug disdain” and taking it all for granted。Stewart reminds readers that resentment breeds an increase in inequality as every change made by Trump so well demonstrates: the new tax law to wit。 At the end of part 8 Stewart warns the 9。9 percent they will soon find themselves the target of economic attack。。。。。Part 10 offers a tiny bit of optimism by suggesting the 9。9 percent could get hold of themselves and offer the country some leadership。 Leaders should support the larger social order and help direct resources to causes in the common good like health care。 。。。more