Economic inequality in the United States has been receiving a lot of attention. But it’s not merely an issue of the rich getting richer. The typical American household has been getting poorer, too.
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 95 percent of the population had less wealth.) It found that for this well-do-do slice of the population, household net worthincreased 14 percent over the same 10 years. Other research, by economists like Edward Wolff at New York University, has shown even greater gains in wealth for the richest 1 percent of households.
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2 comments:
But, WHATEVER YOU DO, do not try to raise the minimum wage, which couldn't support one person in any world you can imagine.
he top earners are apparently down to their last 5-70 billion dollars and just can't afford it.
The middle and lower class workers are getting murdered. Constantly rising prices for food, energy, and housing, while wages stagnate, but profits soar. The Duponts, Gates', and Rockefellers can't even tell you how many houses they own, but will tell you how hard life would be for them if they actually had to pay benefits and living wages.
It ain't easy being a billionaire....when Warren Buffet openly states that, with a net worth of 50+ billion, he pays less taxes than his secretary, something is very wrong. I can't wait for the rationalizations to start.
Keep cheering.
10:05
Your comment is so full of wrong information that I can't even begin.
Well let's start with Warren Buffet's secretary. Warren Buffet pay less PERCENTAGE on taxes than his secretary because he's already paid taxes on the money at least once.
You are just regurgitating liberal talking points that have no basis in reality. Fool!
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