Wouldn't say this is an accurate description of the US economy.
https://realtimeinequality.org/?id=wealth&wealthend=03012023...
Top 0.01%, +9.1%
Top 0.1%, +13.9%
Top 1%, +15.2%
Top 10%, +6.1%
Middle 40%, -6%
Bottom 50%, -0.1%
This supports exactly GP's two statements:
> we are concentrating all the wealth and power into the hands of a few.
Correct, their slice of the pie is growing, the bottom 90%'s is shrinking
> This leaves the top 1% getting richer every year and the bottom 99% fighting over a smaller piece of the pie every year.
Also correct, the biggest growth of share being in the top 1% segment.
> Correct, their slice of the pie is growing, the bottom 90%'s is shrinking
Not sure about "power" there. In my experience you get power by having a lot of free time and dedication to something else other people don't care about… which yes includes billionaires obviously, but most of the people meeting that description are just middle class retirees, so they're outnumbered.
> > This leaves the top 1% getting richer every year and the bottom 99% fighting over a smaller piece of the pie every year.
> Also correct, the biggest growth of share being in the top 1% segment.
It does not show it "every year", there are long periods of stagnation and some reversals. I would say it shows that recessions are bad and we should avoid having them.
nb another more innocuous explanation is: there's no reason to have a lot of wealth. To win at this game you need to hoard wealth, but most people are intentionally not even trying that. For instance, you could have a high income but spend it all on experiences or donate it all to charity.