Study: Recession Hit Working-Class And Black Families The Hardest - HuffPo

[Bill USA]

http://www.huffingtonpost.com/2011/03/30/study-recession-hit-worki_n_842684.html


According to the report, the distribution of wealth in America after the official end of the recession in 2009 was the most unequal it's ever been. The wealthiest 1 percent of U.S. households claimed a net worth that was 225 times greater than that of the median household, which fell to $62,000 in 2009 from $71,900 in 1983. The wealth of the richest one percent of households, meanwhile, doubled over that 26-year period.

During the recession, which officially lasted from December 2007 to June 2009, EPI estimates that the richest fifth of Americans lost 16 percent of their wealth, compared with a 25 percent decline in net worth for the bottom four-fifths of U.S. households. At the end of 2009, the wealthiest fifth of Americans held 87.2 percent of the country's total wealth -- up 2.2 percentage points from 2007 due to larger drops in wealth by those at the bottom.
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....this is NOT how you build a healthy growing economy. If most of the population doesn't have enough money to spend companies won't have enough sales to grow and hire more people. Companies have to have adequate sales to generate enough profits to invest money in product developement and research - which leads to more economic growth. Everybody loses (if us 'little' people have more money, this leads to stronger growth of companies and the wealthy actually end up wealthier - if they invested in the right places).

[Wilms]

1. Anyone working for Arianna could have, from personal experience, told us this.

No need to click her link.

[southernyankeebelle]

2. Isn't it grand you can come from anywhere in the world and become a millionaire off the working

people and then take advantage of them. Awe capitalism at its best, right?