Concentration of wealth only accelerating

A May 23 letter argues that President Obama is “taking U.S toward socialism.” Marty Sixt cites the Webster dictionary definition of socialism: namely that production and distribution of goods are controlled collectively or by government. The word collective is the key.

Ten percent of the U.S. population owns 69.8 percent of the total wealth. During the Reagan administration (1981-89), the share of the wealth held by the top 1 percent increased from 24.8 percent to 35.7 percent. The most recent figure for 2007 is 34.6 percent.

Stock ownership tells us more: In 2001, the top 1 percent owned 33.5 percent of all stock, the next 19 percent owned 55.8 percent, and the bottom 80 percent had 10.7 percent. The 2007 figures are, respectively, 38.3, 52.8 and 8.9. In 2007, the top 10 percent controlled 80.2 percent of all stocks and mutual funds.

In other words, when it comes to production and distribution of goods, the few control most of it. Further, the concentration of control of wealth has been systematically increasing since the Reagan administration. This ongoing wealth redistribution upward amounts to, according to the aforementioned Webster's Dictionary definition, expansion of socialism - but only for the rich.

Jozef Figa

Cedar Rapids