American Elephants


Did You Believe We’re Going In The Wrong Direction? You’re Right. by The Elephant's Child

From the New York Times via Paul Caron, the taxprof:

Median household net worth has fallen 36% since 2003. The typical household is now worth a third less.

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.

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Funny, President Obama keeps telling us how much the economy has recovered, and all the new jobs.




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