Good thing I ate my breakfast already.

Otherwise I might not have been able to eat when I saw this -

Yes, America is a plutocracy now.

https://consortiumnews.com/2018/09/05/plutocracy-now/

The United States today qualifies as a plutocracy – on a number of grounds. Let’s look at some striking bits of evidence. Gross income redistribution upwards in the hierarchy has been a feature of American society for the past decades. The familiar statistics tell us that nearly 80 percent of the national wealth generated since 1973 has gone to the upper 2 percent and 65 percent to the upper 1 per cent. Estimates for the rise in real income for salaried workers over the past 40 years range from 20 percent to 28 percent. In that period, real GDP has risen by 110 percent – it has more than doubled.

To put it somewhat differently, according to the Congressional Budget Office, the top earning 1 percent of households gained about 8 times more than those in the 60 percentile after federal taxes and income transfers between 1979 and 2007 and 10 times those in lower percentiles.

In short, the overwhelming fraction of all the wealth created over two generations has gone to those at the very top of the income pyramid.