The rich get richer and the rest of us get the economic shaft. That is the theme of this so called economic recovery since 2009. A new Pew Research report, A Rise in Wealth for the Wealthy; Declines for the Lower 93%, analyzes newly released Census data on wealth. What they found is the rich got richer and the rest of us got poorer. The great American wealth transfer continues.
The Federal Reserve released a report, the 2010 Survey of Consumer Finances. This is a report on household wealth from 2007-2010, removing effects of inflation. No surprise, median net worth declined by 38.8% from 2007 to 2010 and is down to 1992 levels. Why this should be no surprise is due to the housing bubble and declining home values. A home is the largest asset many people have.
"There are two ideas of government. There are those who believe that if you just legislate to make the well-to-do prosperous, that their prosperity will leak through on those below. The Democratic idea has been that if you legislate to make the masses prosperous their prosperity will find its way up and through every class that rests upon it." William Jennings Bryan, 1896
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