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Pitchfork Economics with Nick Hanauer

Are you in the 9.9 percent? (with Matthew Stewart)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 21 December 2021

⏱️ 38 minutes

🧾️ Download transcript

Summary

In the U.S., inequality is often framed as the 99% versus the wealthiest 1%. But that’s not quite the right matchup. While the bottom 90% has done dramatically worse over the last several decades and the top 0.1% has done dramatically better, the 9.9% in between those groups still controls more than half of the wealth in the United States. Author and philosopher Matthew Stewart thinks that the 9.9% are not innocent bystanders, and he joins Nick and Goldy to discuss how this group is entrenching inequality and warping our culture. Matthew Stewart is an author and philosopher. He is the author, among other books, of Nature’s God and The 9.9 Percent. The 9.9 Percent: https://bookshop.org/books/the-9-9-percent-the-new-aristocracy-that-is-entrenching-inequality-and-warping-our-culture/9781982114183 The 9.9 percent is the new American aristocracy: https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new-american-aristocracy/559130/ Who are the 9.9% A closer look at the math of American inequality: https://lithub.com/who-are-the-9-9-percent-a-closer-look-at-the-math-of-american-inequality/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0

We've talked about wealth inequality in

0:03.1

elsewhere to ways.

0:03.8

The 99% versus the 1% is 1, but the facts

0:07.6

around the 9.9% versus everybody else

0:11.4

is actually pretty interesting.

0:13.4

Just statistically, $1.2 million in net worth

0:17.2

gets you into the 9.9% inequality of a certain type.

0:20.9

Inequality that essentially comes from a certain

0:23.3

profound unfairness has profound consequences

0:26.2

throughout society.

0:32.8

From the home offices of civic ventures in downtown Seattle,

0:35.9

this is pitchfork economics with Nick Hanauer,

0:39.1

the best place to get the truth about who gets what and why.

0:48.8

I'm Nick Hanauer, founder of Civic Ventures.

0:52.1

I'm David Goldstein, Senior Fellow at Civic Ventures.

1:00.0

So Nick, it's the holiday season and we have a gift for you.

1:04.6

Normally on this podcast, we berate you and your cohort

1:09.5

of 0.1% is about how you're destroying our economy

1:14.2

and our democracy and you're the source of all the inequality.

1:18.3

But on this episode, you get to berate me

1:22.2

and my cohort of 9.9%ers.

1:24.9

That's right.

...

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