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Historical Catchphrases that Tell a Modern Story
Today’s wealth inequality can be defined by yesterday’s idioms
The substantial gap between the extremely rich and everyone else is a global problem — but it is especially striking in the United States.
Wealth inequality is a defining characteristic of American society. By the end of 2017, the country’s wealthiest 1 percent held over 38 percent of the nation’s wealth. At the same time, the nation’s three richest individuals had as much wealth as the entire bottom half of the U.S. population.
This is not the first time such an economic disparity has occurred in the United States. From 1860 to roughly 1900, a period known as the “Gilded Age,” more than one-third of the country’s wealth was owned by two percent of American households. As much as 75 percent of America’s wealth was owned by the top 10 percent. The wealthiest 1 percent at that time owned 51 percent of the country’s property.
Some economic observers think current conditions in the United States could very well represent a second Gilded Age. In this context, it might be interesting to look at today’s wealth inequality through the eyes of the past and consider some historical catchphrases that seem to be especially relevant today.
As Rich as Croesus, aka the Midas Touch
What it means: Being extremely wealthy — or turning things into gold
Where it comes from: Croesus was a king who ruled Lydia, an ancient kingdom that existed in what is modern-day Turkey. He ruled from about 585 to 546 B.C. and was a warmonger who conquered many lands. He inherited great wealth and grew even wealthier through his conquests. Croesus is credited with issuing the first true gold coins that were standardized for purity. Greek and Persian cultures used the name Croesus to indicate a wealthy man. The expression “As rich as Croesus,” was an English adaptation to represent great wealth. The “Midas Touch” is a similar phrase which derives from a legendary king of Phrygia, also in Turkey, who supposedly asked a god for the power to turn everything to gold.
How it relates: The wealthiest American billionaires — among them Elon Musk, Jeff Bezos, Warren Buffett and Bill…
