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AMERICANS GETTING POORER HOUSEHOLD NET WORTH IN DECLINE


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.

http://www.nytimes.com/2014/07/27/business/the-typical-household-now-worth-a-third-less.html?_r=0

America’s Middle Class: Poorer Than You Think

Americans, meanwhile, are having trouble building wealth because wages have stagnated for more than a decade. Median household income was $51,017 in 2012, compared to $56,080 in 1999, according to the Census Bureau’s most recent statistics.

http://money.cnn.com/2014/06/11/news/economy/middle-class-wealth/index.html?hpt=hp_t2

In The US, The Wealthiest 1% captured 95% Of Post-Financial Crisis Growth Since 2009, While The Bottom 90% Became Poorer!

The 85 Richest People In The World Have As Much Wealth As The 3.5 Billion Poorest
As the World Economic Forum begins in Davos, Switzerland, Oxfam International has released a new report called, “Working for the Few,” that contains some startling statistics on what it calls the “growing tide of inequality.”

The report states:
-Almost half of the world’s wealth is now owned by just one percent of the population.
-The wealth of the one percent richest people in the world amounts to $110 trillion. That’s 65 times the total wealth of the bottom half of the world’s population.
-The bottom half of the world’s population owns the same as the richest 85 people in the world.
-Seven out of ten people live in countries where economic inequality has increased in the last 30 years.
-The richest one percent increased their share of income in 24 out of 26 countries for which we have data between 1980 and 2012.
-In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.

http://www.forbes.com/fdc/welcome_mjx.shtml

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  • Macon Sense

    The Great Obama Recovery!

    • http://tpmcafe.talkingpointsmemo.com/ bwakfat

      Really? He’s been president for 10 years? Policies, not politicians, are to blame, and whose policies have been dominant for the last 10 years? The GOPs. If President Obama could get anything through the putrid and inept GOP Congress we’d all be better off. Vote the bums out.

      • Macon Sense

        Keep defending failure id you like. How long has he been president? What did he predict if his stimulus passed? (it did). What actually happened? What has the national debt done? Have you noticed the record food stamp usage? Record low labor force participation? Where are those 500,000 new jobs per month that the vice moron predicted waaaaay back in April, 2010? Your hero got his policies and his agenda passed to a very large degree. His inability to work with others is a reflection of HIS lack of leadership. Reagan learned to work with Tip, Clinton learned to work with Newt. Obama FAILED. Have you always been an unthinking useful idiot? (I’m betting so)

        • Kevin RK

          Ten thousand likes. Bravo. Right on. The obomobots will defend him to no end and seem to have a short memory when Obama and the democrats had an absolute majority in the house and senate to ram through Obama care, the stimulus and a slew of other liberal programs that have all been deemed a failure to date. With a complaint media, the low information voters will continue to believe the GOP has and always controlled congress. The next excuse is racism when there is no longer a defense to Obama’s ineptitude.

      • wiseoldfart

        Man, are you clueless! Politicians aren’t responsible for these destructive policies? The Democrats and a bunch of weak-kneed RINO’s are fully responsible for our economic problems. A few genuine fiscal conservative Republicans have been telling us since Reagan that our corrupt, incompetent government is much too big, spends and wastes way too much, regulates too much where it shouldn’t and not enough where it should. Not one Democrat has admitted this because all they care about is gaining control of what is rapidly becoming an impoverished socialist welfare state with open borders. As if socialism isn’t suicidal enough with closed borders!

    • HarryObrian

      It has nothing to do with Barry Soetoro, he is just doing what he has been told to do in such that it aligns with his fascist upbringing. The boy has no reasoning, logic or analysis skills therefore he is the perfect slave for the job.
      The real issue here is that the fascist powers in control know that the only way to make Americans believe that they are not the special people they have made themselves become through hard work and dedication is to take their wealth away… “you didn’t build that”… remember?
      So as long as people keep themselves uneducated and vulnerable to the scams of those who would control them and don’t question absolutely everything then they will suffer. Not until they wake up and realize that they have been cheated out of their heritage since 1963 will they ever stand up and take corrective action for the sake of their children and their children’s children.

    • wiseoldfart

      You are right. Washington’s most onerous tax – inflation – distorts the picture enough as it is. In addition to inflation, Obama and the Democrats borrowed an additional 7.5 trillion dollars in 5.5 years, threw that at the economy (actually enriched a few choice people and businesses), and look what we’ve got to show for it. Had Obama dealt with the national debt like he said he would when he blasted Bush for running it up to 10 trillion dollars, we’d have had a much deeper recession. We’d be in better shape financially because fraud, waste, and the size of the government would have (should have) been reduced proportionately. Instead, Obama and his fellow Marxists exacerbated the problem and postponed what will be a much harder landing. The only way to postpone an economic crash at this point is to substantially dilute the value of the dollar. That means printing trillions of dollars with nothing but IOU’s to back them. Those of you who were adults during the Carter years know what I’m talking about.