0:00:00.160,0:00:01.882 There's a chart I saw recently 0:00:01.882,0:00:03.274 that I can't get out of my head. 0:00:03.354,0:00:05.838 A Harvard business professor and economist 0:00:05.838,0:00:08.463 asked more than 5000 Americans 0:00:08.463,0:00:11.871 how they thought wealth was distributed 0:00:12.148,0:00:13.148 in the United States. 0:00:13.148,0:00:14.348 This is what they said they thought it was. 0:00:14.348,0:00:16.398 Dividing the country into 5 rough groups 0:00:16.409,0:00:19.570 of the top, bottom, and middle three 20%, 0:00:20.132,0:00:21.984 they asked people how they thought 0:00:21.984,0:00:23.997 the wealth of this country was divided. 0:00:23.997,0:00:25.757 Then he asked them what they thought 0:00:25.757,0:00:27.447 was the ideal distribution, and 92%, 0:00:28.197,0:00:31.058 that's at least 9 out of 10 of them, 0:00:31.431,0:00:33.526 said it should be more like this 0:00:34.115,0:00:37.027 in other words, more equitable than they think it is. 0:00:37.184,0:00:39.244 That fact is telling, admittedly, the notion 0:00:39.246,0:00:41.176 that most Americans know that the system 0:00:41.216,0:00:44.149 is already skewed unfairly. 0:00:44.285,0:00:45.996 What's most interesting to me is 0:00:46.134,0:00:48.775 the reality compared to our perception. 0:00:49.614,0:00:53.407 The ideal is as far removed from our perception 0:00:53.407,0:00:56.092 of reality, as the actual distribution is from 0:00:56.092,0:00:58.537 what we think exists in this country. 0:00:58.837,0:01:00.983 So, ignore the ideal for a moment. 0:01:01.464,0:01:03.075 Here's what we think it is again, 0:01:04.292,0:01:06.999 and here is the actual distribution, 0:01:06.999,0:01:09.036 shockingly skewed. 0:01:09.256,0:01:12.415 Not only do the bottom 20% and the next 20%, 0:01:12.763,0:01:15.040 the bottom 40% of Americans, 0:01:15.040,0:01:17.317 barely have any of the wealth -- 0:01:17.317,0:01:19.785 it's hard to even see them on the chart -- 0:01:20.228,0:01:23.914 but the top 1% has more of the country's wealth 0:01:24.540,0:01:26.873 than 9 out of 10 Americans believe 0:01:26.873,0:01:29.806 the entire top 20% should have. 0:01:30.066,0:01:31.538 Mindblowing. 0:01:31.538,0:01:33.177 But let's look at it another way 0:01:33.177,0:01:35.410 because I find this chart kind of difficult 0:01:35.418,0:01:36.600 to wrap my head around. 0:01:36.618,0:01:39.938 Instead, let's reduce the 311 million Americans 0:01:40.093,0:01:43.122 just to a representative 100 people. 0:01:43.155,0:01:44.068 It's simple. Here they are: 0:01:44.711,0:01:45.687 Teachers, coaches, firefighters, 0:01:45.929,0:01:48.457 construction workers, engineers, doctors, 0:01:48.457,0:01:51.065 lawyers, some investment bankers, 0:01:51.065,0:01:52.794 a CEO, and maybe a celebrity or two. 0:01:53.000,0:01:55.004 Now, let's line them up according to their wealth, 0:01:55.117,0:01:57.499 poorest people on the left, wealthiest on the right, 0:01:57.550,0:02:00.213 a steady row of folks, based on their net worth. 0:02:00.588,0:02:03.279 We'll color-code them like we did before, 0:02:03.662,0:02:05.829 based on which 20% quintile they fall into. 0:02:05.829,0:02:08.711 Now let's reduce the total wealth of the U.S., 0:02:09.300,0:02:11.090 which was roughly 54 trillion dollars in 2009 0:02:11.090,0:02:12.090 to this symbolic pile of cash, 0:02:12.100,0:02:16.030 and let's distribute it among our 100 Americans. 0:02:16.619,0:02:18.969 Well, here's socialism, all the wealth of the nation 0:02:19.859,0:02:21.037 being distributed equally -- we all know 0:02:21.037,0:02:23.020 that won't work 0:02:23.210,0:02:24.838 We need to encourage people to work, 0:02:24.908,0:02:27.370 and work hard, to achieve that 0:02:27.618,0:02:29.090 good old American dream 0:02:29.362,0:02:31.108 and keep our country moving forward. 0:02:31.178,0:02:32.835 0:02:32.835,0:02:34.492 0:02:34.492,0:02:36.271 0:02:36.779,0:02:40.529 0:02:41.091,0:02:42.467 0:02:42.692,0:02:43.748 0:02:44.158,0:02:46.679 0:02:46.699,0:02:49.309 0:02:49.618,0:02:51.431 0:02:52.028,0:02:54.649 0:02:54.750,0:02:56.642 0:02:56.642,0:02:58.334 0:02:58.374,0:03:00.588 0:03:00.738,0:03:03.152 0:03:03.172,0:03:06.091 0:03:06.101,0:03:07.340 0:03:07.540,0:03:09.950 0:03:10.090,0:03:11.720 0:03:11.720,0:03:14.472 0:03:14.802,0:03:16.465 0:03:16.576,0:03:19.024 0:03:19.024,0:03:20.962 0:03:21.702,0:03:24.353 0:03:24.553,0:03:26.934 0:03:27.374,0:03:29.381 0:03:29.381,0:03:31.078 0:03:31.438,0:03:32.937 0:03:33.177,0:03:35.283 0:03:35.283,0:03:36.419 0:03:36.569,0:03:37.853 0:03:37.853,0:03:39.777 0:03:39.777,0:03:41.261 0:03:41.633,0:03:43.453 0:03:43.453,0:03:44.823 0:03:45.433,0:03:48.413 0:03:49.596,0:03:52.475 0:03:53.626,0:03:56.226 0:03:56.822,0:03:58.477 0:03:59.226,0:04:00.113 0:04:00.163,0:04:02.340 0:04:03.300,0:04:05.506 0:04:05.646,0:04:08.052 0:04:08.432,0:04:10.098 0:04:10.455,0:04:11.627 0:04:12.067,0:04:15.505 0:04:16.258,0:04:17.951 0:04:18.702,0:04:20.550 0:04:21.212,0:04:21.993 0:04:22.562,0:04:24.242 0:04:24.332,0:04:26.117 0:04:26.805,0:04:30.246 0:04:31.197,0:04:32.480 0:04:32.480,0:04:34.438 0:04:34.438,0:04:36.389 0:04:36.389,0:04:37.626 0:04:37.626,0:04:39.183 0:04:39.183,0:04:41.031 0:04:41.564,0:04:45.570 0:04:45.912,0:04:47.742 0:04:48.243,0:04:51.719 0:04:52.060,0:04:55.250 0:04:55.498,0:04:58.779 0:04:59.449,0:05:01.479 0:05:01.479,0:05:04.309 0:05:04.810,0:05:07.971 0:05:08.621,0:05:12.899 0:05:13.073,0:05:15.464 0:05:15.464,0:05:17.725 0:05:18.165,0:05:20.616 0:05:20.616,0:05:23.687 0:05:23.957,0:05:26.200 0:05:26.287,0:05:27.846 0:05:27.846,0:05:29.750 0:05:29.750,0:05:31.856 0:05:31.856,0:05:33.699 0:05:33.988,0:05:38.857 0:05:39.018,0:05:41.547 0:05:41.828,0:05:44.327 0:05:44.469,0:05:46.369 0:05:46.369,0:05:50.919 0:05:51.518,0:05:54.237 0:05:54.599,0:05:57.920 0:05:58.110,0:06:01.784 0:06:02.505,0:06:07.255 0:06:07.688,0:06:10.158