Rich Getting Richer & the Rest of Us Are Screwed

During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%, according to a Pew Research Center analysis of newly released Census Bureau data.

From 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.

These wide variances were driven by the fact that the stock and bond market rallied during the 2009 to 2011 period while the housing market remained flat.

Affluent households typically have their assets concentrated in stocks and other financial holdings, while less affluent households typically have their wealth more heavily concentrated in the value of their home.

From the end of the recession in 2009 through 2011 (the last year for which Census Bureau wealth data are available), the 8 million households in the U.S. with a net worth above $836,033 saw their aggregate wealth rise by an estimated $5.6 trillion, while the 111 million households with a net worth at or below that level saw their aggregate wealth decline by an estimated $0.6 trillion.

Because of these differences, wealth inequality increased during the first two years of the recovery. The upper 7% of households saw their aggregate share of the nation’s overall household wealth pie rise to 63% in 2011, up from 56% in 2009. On an individual household basis, the mean wealth of households in this more affluent group was almost 24 times that of those in the less affluent group in 2011. At the start of the recovery in 2009, that ratio had been less than 18-to-1.

Excerpt from PEW RESEARCH http://www.pewsocialtrends.org/2013/04/23/a-rise-in-wealth-for-the-wealthydeclines-for-the-lower-93/

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There is no longer any question that the vast majority of Americans are being ground into the dust, the only real question remaining is What will we do about it? My bet is nothing as long as they let us keep our TVs and just enough money to occasionally buy a lottery ticket. Oh, sure an occasional politician will sell us some hope, or feel our pain, but the fact is no one who has the money to run for President, has any interest in challenging the power of that money.

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One response to “Rich Getting Richer & the Rest of Us Are Screwed

  1. Reblogged this on Fahrenheit 451 Used Books and commented:
    A Bookstore at the Vanguard of the Revolution – Books for Activists, Militants, Protesters, Students, Progressive readers and Revolutionary Minds – at fah451bks.com / blogs at fah451bks.wordpress.com

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