Filed under: Capitalism, Democrat Corruption, Economy, Election 2014, Liberalism, Politics, Progressivism, Statism, Taxes | Tags: Getting Poorer, Median Point in Wealth, Recovery? Not in Net Worth.
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.
Funny, President Obama keeps telling us how much the economy has recovered, and all the new jobs.
2 Comments so far
Leave a comment
Leave a comment
American Elephants 
the rich do indeed seem to have gotten richer….but please look at the other end…..the very poor are now three times more poor….the rich are by no means three times richer, but the poorest have lost so much more than the “1%” have gained…the “not so poor” have lost a full two thirds of their net worth, and are on track to having negative net worth, like the most poor…..we here in the middle have lost a lot, but not anywhere near what this resident of the white house has cost the truly poor…..yet they love him, and vote for him….too bad the media won’t tell this story…..it might make a difference in so many lives……..
LikeLike
Comment by chuck kosnowski August 1, 2014 @ 10:07 pmThere are signs that the support is faltering, but to go all out and switch allegiance may be farther than they are able to go. Admitting that you have been a complete sucker, publicly, is further than most people can go.
LikeLike
Comment by The Elephant's Child August 2, 2014 @ 1:10 pm