The Shocking Redistribution of Wealth in the Past Five Years

Posted in the Minneapolis Forum

Comments
1 - 3 of 3 Comments Last updated Jan 12, 2014
Jack Boot

Portland, OR

|
Report Abuse
|
Judge it!
|
#1
Jan 1, 2014
 

Judged:

8

8

8

Anyone reviewing the data is likely to conclude that there must be some mistake. It doesn't seem possible that one out of twenty American families could each have made a million dollars since Obama became President, while the average American family's net worth has barely recovered. But the evidence comes from numerous reputable sources.

Some conservatives continue to claim that President Obama is unfriendly to business, but the facts show that the richest Americans and the biggest businesses have been the main - perhaps only - beneficiaries of the massive wealth gain over the past five years.

1.$5 Million to Each of the 1%, and $1 Million to Each of the Next 4%

From the end of 2008 to the middle of 2013 total U.S. wealth increased from $47 trillion to $72 trillion. About $16 trillion of that is financial gain (stocks and other financial instruments).

The richest 1% own about 38 percent of stocks, and half of non-stock financial assets. So they've gained at least $6.1 trillion (38 percent of $16 trillion). That's over $5 million for each of 1.2 million households.

The next richest 4%, based on similar calculations, gained about $5.1 trillion. That's over a million dollars for each of their 4.8 million households.

The least wealthy 90% in our country own only 11 percent of all stocks excluding pensions (which are fast disappearing). The frantic recent surge in the stock market has largely bypassed these families.

2. Evidence of Our Growing Wealth Inequality

This first fact is nearly ungraspable: In 2009 the average wealth for almost half of American families was ZERO (their debt exceeded their assets).

In 1983 the families in America's poorer half owned an average of about $15,000. But from 1983 to 1989 median wealth fell from over $70,000 to about $60,000. From 1998 to 2009, fully 80% of American families LOST wealth. They had to borrow to stay afloat.

It seems the disparity couldn't get much worse, but after the recession it did. According to a Pew Research Center study, in the first two years of recovery the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%. And then, from 2011 to 2013, the stock market grew by almost 50 percent, with again the great majority of that gain going to the richest 5%.

Today our wealth gap is worse than that of the third world. Out of all developed and undeveloped countries with at least a quarter-million adults, the U.S. has the 4th-highest degree of wealth inequality in the world, trailing only Russia, Ukraine, and Lebanon.
She still HATE the USA

Saint Paul, MN

|
Report Abuse
|
Judge it!
|
#2
Jan 1, 2014
 

Judged:

11

11

11

Presient Obama has done very well for the poor and middle class.

NOT!
goose

Saint Paul, MN

|
Report Abuse
|
Judge it!
|
#5
Jan 12, 2014
 

Judged:

6

6

6

Gawd Slew! talk about twisting the truth. Oh yeah that IS your playbook.

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Type in your comments below
Name
(appears on your post)
Comments
Characters left: 4000
Type the numbers you see in the image on the right:

Please note by clicking on "Post Comment" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

22 Users are viewing the Minneapolis Forum right now

Search the Minneapolis Forum:
Title Updated Last By Comments
Militants order female genital mutilation in Iraq 7 min Mozolume Pilot 12
Andi uses racial slur 23 min Bellweather 1
Franken REFUSES to debate at the State Fair 45 min redeemer 3
Obama administration on verge of collapse 55 min just wondering 43
Global warming 'undeniable,' scientists say (Jul '10) 1 hr litesong 32,017
Police Shoot Dog During Chase 1 hr cantmakeitup 4
executive order, bypassing Congress entirely 3 hr Space ace 11
•••
•••
•••
Minneapolis Dating

more search filters

less search filters

•••

Minneapolis Jobs

•••
Enter and win $5000
•••
•••

Minneapolis People Search

Addresses and phone numbers for FREE

•••

Minneapolis News, Events & Info

Click for news, events and info in Minneapolis
•••

Personal Finance

Mortgages [ See current mortgage rates ]
•••