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.