[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.00,0:00:03.35,Default,,0000,0000,0000,,There's a chart I saw recently \Nthat I can't get out of my head.
Dialogue: 0,0:00:03.35,0:00:06.01,Default,,0000,0000,0000,,A Harvard business professor and economist
Dialogue: 0,0:00:06.01,0:00:08.56,Default,,0000,0000,0000,,asked more than 5,000 Americans
Dialogue: 0,0:00:08.56,0:00:12.36,Default,,0000,0000,0000,,how they thought wealth \Nwas distributed in the United States.
Dialogue: 0,0:00:12.36,0:00:14.33,Default,,0000,0000,0000,,This is what they said \Nthey thought it was:
Dialogue: 0,0:00:14.33,0:00:16.31,Default,,0000,0000,0000,,Dividing the country into \Nfive rough groups
Dialogue: 0,0:00:16.31,0:00:20.14,Default,,0000,0000,0000,,of the top, bottom, and middle three \N20 percent groups,
Dialogue: 0,0:00:20.14,0:00:23.85,Default,,0000,0000,0000,,they asked people how they thought \Nthe wealth in this country was divided.
Dialogue: 0,0:00:23.85,0:00:27.81,Default,,0000,0000,0000,,Then he asked them what they \Nthought was the ideal distribution.
Dialogue: 0,0:00:27.81,0:00:31.74,Default,,0000,0000,0000,,And 92 percent, that's \Nat least nine out of 10 of them,
Dialogue: 0,0:00:31.74,0:00:33.91,Default,,0000,0000,0000,,said it should be more like this:
Dialogue: 0,0:00:33.91,0:00:37.26,Default,,0000,0000,0000,,In other words, more equitable \Nthan they think it is.
Dialogue: 0,0:00:37.26,0:00:40.26,Default,,0000,0000,0000,,Now, that fact is telling, admittedly:\Nthe notion that
Dialogue: 0,0:00:40.26,0:00:44.50,Default,,0000,0000,0000,,most Americans know that the \Nsystem is already skewed unfairly.
Dialogue: 0,0:00:44.50,0:00:49.60,Default,,0000,0000,0000,,But what's most interesting to me \Nis the reality compared to our perception.
Dialogue: 0,0:00:49.60,0:00:53.92,Default,,0000,0000,0000,,The ideal is as far removed from \Nour perception of reality
Dialogue: 0,0:00:53.92,0:00:58.89,Default,,0000,0000,0000,,as the actual distribution is from \Nwhat we think exists in this country.
Dialogue: 0,0:00:58.89,0:01:01.49,Default,,0000,0000,0000,,So, ignore the ideal for a moment.
Dialogue: 0,0:01:01.49,0:01:03.91,Default,,0000,0000,0000,,Here's what we think it is again,
Dialogue: 0,0:01:03.91,0:01:07.10,Default,,0000,0000,0000,,and here is the actual distribution.
Dialogue: 0,0:01:07.10,0:01:08.90,Default,,0000,0000,0000,,Shockingly skewed.
Dialogue: 0,0:01:08.90,0:01:12.72,Default,,0000,0000,0000,,Not only do the bottom \N20 percent and the next 20 percent,
Dialogue: 0,0:01:12.72,0:01:17.70,Default,,0000,0000,0000,,the bottom 40 percent of \NAmericans barely have any of the wealth.
Dialogue: 0,0:01:17.70,0:01:20.18,Default,,0000,0000,0000,,I mean, it's hard to even \Nsee them on the chart.
Dialogue: 0,0:01:20.18,0:01:25.16,Default,,0000,0000,0000,,But the top one percent has \Nmore of the country's wealth than nine
Dialogue: 0,0:01:25.16,0:01:30.22,Default,,0000,0000,0000,,out of 10 Americans believe \Nthe entire top 20 percent should have.
Dialogue: 0,0:01:30.22,0:01:33.20,Default,,0000,0000,0000,,Mind-blowing. \NBut let's look at it another way,
Dialogue: 0,0:01:33.20,0:01:36.57,Default,,0000,0000,0000,,because I find this chart kind of \Ndifficult to wrap my head around.
Dialogue: 0,0:01:36.57,0:01:41.19,Default,,0000,0000,0000,,Instead, let's reduce the \N311 million Americans to just
Dialogue: 0,0:01:41.19,0:01:44.90,Default,,0000,0000,0000,,a representative 100 people.\NMake it simple.
Dialogue: 0,0:01:44.90,0:01:49.82,Default,,0000,0000,0000,,Here they are; teachers, coaches,\Nfirefighters, construction workers,
Dialogue: 0,0:01:49.82,0:01:53.08,Default,,0000,0000,0000,,engineers, doctors, lawyers, \Nsome investment bankers,
Dialogue: 0,0:01:53.08,0:01:55.28,Default,,0000,0000,0000,,a CEO, maybe a celebrity or two.
Dialogue: 0,0:01:55.28,0:01:57.72,Default,,0000,0000,0000,,Now, let's line them up \Naccording to their wealth,
Dialogue: 0,0:01:57.72,0:01:59.18,Default,,0000,0000,0000,,poorest people on the left,
Dialogue: 0,0:01:59.18,0:02:00.58,Default,,0000,0000,0000,,wealthiest on the right,
Dialogue: 0,0:02:00.58,0:02:03.56,Default,,0000,0000,0000,,just a steady row of folks \Nbased on their net worth.
Dialogue: 0,0:02:03.56,0:02:06.35,Default,,0000,0000,0000,,We'll color code them like \Nwe did before based on
Dialogue: 0,0:02:06.35,0:02:09.21,Default,,0000,0000,0000,,which 20 percent quintile they fall into.
Dialogue: 0,0:02:09.21,0:02:12.28,Default,,0000,0000,0000,,Now, let's reduce the \Ntotal wealth of the United States
Dialogue: 0,0:02:12.28,0:02:16.56,Default,,0000,0000,0000,,which was roughly $54 trillion in 2009,
Dialogue: 0,0:02:16.56,0:02:19.58,Default,,0000,0000,0000,,to this symbolic pile of cash.
Dialogue: 0,0:02:19.58,0:02:22.100,Default,,0000,0000,0000,,And let's distribute it \Namong our 100 Americans.
Dialogue: 0,0:02:22.100,0:02:27.76,Default,,0000,0000,0000,,Well, here's socialism, all the \Nwealth of the country distributed equally.
Dialogue: 0,0:02:27.76,0:02:29.41,Default,,0000,0000,0000,,We all know that won't work.
Dialogue: 0,0:02:29.41,0:02:32.48,Default,,0000,0000,0000,,We need to encourage people\Nto work and work hard to
Dialogue: 0,0:02:32.48,0:02:36.55,Default,,0000,0000,0000,,achieve that good ol' "American Dream"\Nand keep our country moving forward.
Dialogue: 0,0:02:36.55,0:02:41.08,Default,,0000,0000,0000,,So, here's that ideal \Nwe asked everyone about,
Dialogue: 0,0:02:41.08,0:02:42.76,Default,,0000,0000,0000,,something like this curve.
Dialogue: 0,0:02:42.76,0:02:44.12,Default,,0000,0000,0000,,This isn't too bad.
Dialogue: 0,0:02:44.12,0:02:47.24,Default,,0000,0000,0000,,We've got some incentive\Nas the wealthiest folks are now
Dialogue: 0,0:02:47.24,0:02:52.76,Default,,0000,0000,0000,,about 10 to 20 times better off\Nthan the poorest Americans. But, hey!
Dialogue: 0,0:02:52.76,0:02:55.19,Default,,0000,0000,0000,,Even the poor folks\Naren't actually poor since
Dialogue: 0,0:02:55.19,0:02:58.53,Default,,0000,0000,0000,,the poverty line has stayed \Nalmost entirely off the chart.
Dialogue: 0,0:02:58.53,0:03:00.81,Default,,0000,0000,0000,,We have a super-healthy middle class,
Dialogue: 0,0:03:00.81,0:03:03.40,Default,,0000,0000,0000,,with a smooth transition into wealth.
Dialogue: 0,0:03:03.40,0:03:07.40,Default,,0000,0000,0000,,And yes, Republicans and Democrats \Nalike chose this curve.
Dialogue: 0,0:03:07.40,0:03:10.54,Default,,0000,0000,0000,,Nine out of 10 people, 92 percent,
Dialogue: 0,0:03:10.54,0:03:16.24,Default,,0000,0000,0000,,said this was a nice ideal distribution \Nof America's wealth. But let's move on.
Dialogue: 0,0:03:16.24,0:03:21.52,Default,,0000,0000,0000,,This is what people think America's \Nwealth distribution actually looks like.
Dialogue: 0,0:03:21.52,0:03:23.47,Default,,0000,0000,0000,,Not as equitable, clearly,
Dialogue: 0,0:03:23.47,0:03:27.12,Default,,0000,0000,0000,,but for me, even this \Nstill looks pretty great.
Dialogue: 0,0:03:27.12,0:03:29.96,Default,,0000,0000,0000,,Yes, the poorest 20 to 30 percent are
Dialogue: 0,0:03:29.96,0:03:33.24,Default,,0000,0000,0000,,starting to suffer quite \Na lot compared to the ideal,
Dialogue: 0,0:03:33.24,0:03:36.77,Default,,0000,0000,0000,,and the middle class is certainly \Nstruggling more than they were,
Dialogue: 0,0:03:36.77,0:03:40.24,Default,,0000,0000,0000,,while the rich and wealthy are \Nmaking roughly 100 times that
Dialogue: 0,0:03:40.24,0:03:41.59,Default,,0000,0000,0000,,of the poorest Americans,
Dialogue: 0,0:03:41.59,0:03:45.26,Default,,0000,0000,0000,,and about 10 times that of the \Nstill healthy middle-class.
Dialogue: 0,0:03:45.26,0:03:48.88,Default,,0000,0000,0000,,Sadly, this isn't even \Nclose to the reality.
Dialogue: 0,0:03:49.52,0:03:52.77,Default,,0000,0000,0000,,Here is the actual distribution \Nof wealth in America.
Dialogue: 0,0:03:53.26,0:03:56.84,Default,,0000,0000,0000,,The poorest Americans don't even register.
Dialogue: 0,0:03:56.84,0:03:58.94,Default,,0000,0000,0000,,They're down to pocket change.
Dialogue: 0,0:03:58.94,0:04:02.81,Default,,0000,0000,0000,,And the middle class is barely \Ndistinguishable from the poor.
Dialogue: 0,0:04:02.81,0:04:08.48,Default,,0000,0000,0000,,In fact, even the rich between the \Ntop 10 and 20 percentile are worse off.
Dialogue: 0,0:04:08.48,0:04:10.52,Default,,0000,0000,0000,,Only the top 10 percent are better off,
Dialogue: 0,0:04:10.52,0:04:12.29,Default,,0000,0000,0000,,and how much better off?
Dialogue: 0,0:04:12.29,0:04:13.67,Default,,0000,0000,0000,,So much better off that
Dialogue: 0,0:04:13.67,0:04:18.70,Default,,0000,0000,0000,,the top two to five percent are actually \Noff the chart at this scale.
Dialogue: 0,0:04:18.88,0:04:22.48,Default,,0000,0000,0000,,And the top one percent, this guy,
Dialogue: 0,0:04:22.48,0:04:26.87,Default,,0000,0000,0000,,well his stack of money stretches \N10 times higher than we can show.
Dialogue: 0,0:04:26.87,0:04:30.82,Default,,0000,0000,0000,,Here's his stack of cash restacked, \Nall by itself.
Dialogue: 0,0:04:31.24,0:04:34.29,Default,,0000,0000,0000,,This is the top one percent \Nwe've been hearing so much about.
Dialogue: 0,0:04:34.67,0:04:39.55,Default,,0000,0000,0000,,So much green in his pockets that I have \Nto give him a whole new column of his own,
Dialogue: 0,0:04:39.55,0:04:41.68,Default,,0000,0000,0000,,because he won't fit on my chart.
Dialogue: 0,0:04:41.68,0:04:46.22,Default,,0000,0000,0000,,One percent of America has \N40 percent of all the nation's wealth.
Dialogue: 0,0:04:46.22,0:04:48.03,Default,,0000,0000,0000,,The bottom 80 percent,
Dialogue: 0,0:04:48.03,0:04:52.20,Default,,0000,0000,0000,,eight out of every ten \Npeople or 80 out of these 100,
Dialogue: 0,0:04:52.20,0:04:55.48,Default,,0000,0000,0000,,only has seven percent between them.
Dialogue: 0,0:04:55.48,0:04:59.40,Default,,0000,0000,0000,,And this has only gotten worse \Nin the last 20 to 30 years.
Dialogue: 0,0:04:59.40,0:05:02.77,Default,,0000,0000,0000,,While the richest one percent \Ntake home almost a quarter
Dialogue: 0,0:05:02.77,0:05:08.82,Default,,0000,0000,0000,,of the national income today,\Nin 1976, they took home only nine percent,
Dialogue: 0,0:05:08.82,0:05:12.94,Default,,0000,0000,0000,,meaning their share of income \Nhas nearly tripled in the last 30 years.
Dialogue: 0,0:05:12.94,0:05:16.25,Default,,0000,0000,0000,,The top one percent only \Nhalf the country's stocks,
Dialogue: 0,0:05:16.25,0:05:18.24,Default,,0000,0000,0000,,bonds, and mutual funds.
Dialogue: 0,0:05:18.24,0:05:24.21,Default,,0000,0000,0000,,The bottom 50 percent of Americans own \Nonly half a percent of these investments,
Dialogue: 0,0:05:24.21,0:05:26.51,Default,,0000,0000,0000,,which means they aren't investing.
Dialogue: 0,0:05:26.51,0:05:28.16,Default,,0000,0000,0000,,They're just scraping by.
Dialogue: 0,0:05:28.16,0:05:31.75,Default,,0000,0000,0000,,I'm sure many of these wealthy people \Nhave worked very hard for their money.
Dialogue: 0,0:05:31.75,0:05:34.70,Default,,0000,0000,0000,,But do you really believe\Nthat the CEO is working
Dialogue: 0,0:05:34.70,0:05:39.17,Default,,0000,0000,0000,,380 times harder than\Nhis average employee?
Dialogue: 0,0:05:39.17,0:05:40.80,Default,,0000,0000,0000,,Not his lowest paid employee,
Dialogue: 0,0:05:40.80,0:05:44.47,Default,,0000,0000,0000,,not the janitor, but the \Naverage earner in his company?
Dialogue: 0,0:05:44.47,0:05:47.03,Default,,0000,0000,0000,,The average worker needs to work more than
Dialogue: 0,0:05:47.03,0:05:50.79,Default,,0000,0000,0000,,a month to earn what \Nthe CEO makes in one hour.
Dialogue: 0,0:05:51.91,0:05:54.77,Default,,0000,0000,0000,,We certainly don't have \Nto go all the way to socialism,
Dialogue: 0,0:05:54.77,0:05:58.22,Default,,0000,0000,0000,,to find something that is fair \Nfor hardworking Americans.
Dialogue: 0,0:05:58.22,0:06:02.26,Default,,0000,0000,0000,,We don't even have to achieve \Nwhat most of us consider might be ideal.
Dialogue: 0,0:06:02.26,0:06:06.17,Default,,0000,0000,0000,,All we need to do is \Nwake up and realize that
Dialogue: 0,0:06:06.17,0:06:11.46,Default,,0000,0000,0000,,the reality in this country \Nis not at all what we think it is.