The liberal-leaning economic think tank took a look at who gained and who lost wealth between 1983 and 2009, the year the U.S. officially came out of recession.
According to their analysis, the vast majority of the wealth gains — more than 80 percent — went to the richest 5 percent of the population.
The slightly-less-wealthy also saw some gains, but that’s where the good news ends. The bottom 60 percent of households by wealth actually lost ground over the 26-year period, according to EPI.
Things have not likely gotten much better for folks since 2009. The Census reported last week that real median income fell again last year, marking the third straight year that has happened.
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12 comments:
And yet, a tax on the rich is considered "class warfare..."
I'll tell you what's "rich!"
To anon 2:36 P.M.
When you see all the people on here posting YES we want or WOULD love to have fees or tolls and taxes go up and more of them...
Those are classified as two groups... The rich, and the most stupid people next to dirt...
The ones who can afford to pay all of these things we say we can't and the ones who always try to speak for me and others who can't afford things are always the rich or the most stupid people next to dirt... It can only be... Any right minded or smart person who's having trouble with finance WILL NOT as for MORE money to be TAKEN from them...
Also, you WILL NEVER see RICH offer up their money to the poor or anyone who needs it... But they can always put their worthless 2 cents in when it comes to my life or yours...
Sad thing is, for those who are less fortunate in the brain or smarts department, don't know or care that all of this debacle was for a purpose... The purpose was for the rich to get more money as they did, and for the Islamic views of the president Obama bin laden to take and make our country broke and bring it down as all Islamic views try to do when it comes to America... What I mean by Islamic views is to take our rights away and be slaves...
One thing I bet is not figured in this. What exactly has the lower end wage earners done to better themselves? Or have they just set back and expected government handouts and play a $100 dollars of lottery tickets every week.
Lets ask why the rich are getting richer and the poor getting poorer?It all comes down to politicians and the laws they create and where your tax dollars go.They create laws to benefit the rich and themselves.They give tax dollars to campaign donors in the form of grants,low interest loans,favors.
The rich get richer because they continue to do the things that make them rich. The poor get poorer because they continue to do the things that make them poor.
These statistics should surprise no one; 40% of the population is out busting a$$ to improve themselves, 60% looking for a bigger handout or whining 'cause they are underpaid, treated unfairly, won't do what the boss wants 'cause "it's not my job", wanting the union to get them better wages, benefits, working conditions ... ya da da da da. The harder you work the more you get, the more you demand from those who have, the worse your lot in life. Has always been true.
Amen 5:45 and let me tell everyone else....It sure is nice to be in the top 5% but it was not easy getting here. I went for years without cable tv, new clothes, new vehicles, cellphones, vacations, eating out @ lunch or dinner. If you save what you make, cut spending and use that money to buy things that appreciate (gain in value) rather than spending it on things that depreciate (lose value), you can be wealthy too.
To 6:18. Do you realize that everyone in the society can't be an entrepreneur? That would mean that there are no police, teachers, designers, engineers, cashiers, researchers, etc. Just because these people decide to pursue something other than money, does not mean that they should be cast into poverty. Not everybody that works hard can become wealthy. We, as a society, should support and encourage their pursuits rather than call them lazy consumers.
This is the end result of the new deal scan under Franklin D. Ruse-velt as my dad called him. The welfare system began under him and got much worse under LBJ, Slick Willie and now B. O, Plenty -- tax the Rich.
Entitlements are addicting and those who live on them are soon hooked for life.
dear 9:28
I was a clerk in an office making less than 30K per year and not on the shore where living was cheaper than in the big city. People have a choice to make on their own...be a consumer or a producer! One can lease a car for life or they can buy a POS, put car payment money in the bank/investments, drive it til it dies and repeat....after 10 years or so of driving an older car w/o car payments, they will be in a position to buy a nice car for cash, not have a financing cost added to the vehicle and continue to put the "car payment" money in the bank/investments. It doesn't take a rocket scientist - it takes the guts to ignore keeping up with the jones, having the newest of everything and the desire to not be poor. Look around the walmart next time your are there....the poorest looking people have the nicest tattoos, cellphones, designer clothes/shoes and a WIC card.
As a famous person in Salisbury said. Let them raise my taxes, I don't care, I'll just raise the rent on my properties and not lose a Penney. Why should I suffer for a lower class person. My lower taxes pay for all your asses to work in our area. Without people like me, Salisbury would fall apart.
This is from a very prominent person in Our community.
Sir 12:11
Of course, I agree with your point, although I try to avoid Walmart at all cost. All I ask is that you not condemn those of us that just do work that we enjoy, live within a budget, and strive mainly just for happiness. We are not lazy just because we don't occupy the top 5%. Most of us just choose to pursue things other than money. I would also recommend a bit less judgment of the tattoo having, cellphone talking, etc; It seems pretty obvious that they are just products of their situation, as are you and I. Maybe you should instead mentor some of them.
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