The redistribution of wealth continues. From the Wall Street Journal blog:
Only Richest 7% Saw Wealth Gains From 2009 to 2011, by Neil Shah: ... From 2009 to 2011, the average wealth of America’s richest 7% — the 8 million households with a net worth north of about $800,000 — rose nearly 30% to $3.2 million from $2.5 million, according to a Pew Research Center report... By contrast, the average wealth of America’s remaining 93%, some 111 million households, actually dropped by 4% to $134,000 from $140,000. ...
The findings show that America’s economic recovery has been not just sluggish, but painfully uneven in its benefits. Rallying stock and bond markets have boosted the wealth of America’s most affluent... The upper 7% of households held 63% of the nation’s wealth at the end of 2011, up from 56% in 2009.
“Wealth inequality increased during the first two years of the recovery,” the authors said. “On an individual household basis, the mean wealth of households in [the] more affluent group was almost 24 times that of those in the less affluent group in 2011. At the start of the recovery in 2009, that ratio had been less than 18-to-1.”
!&!
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3 comments:
In related news, capuchin monkeys aren't fond of inequality either:
http://www.youtube.com/watch?v=meiU6TxysCg
Maybe you can get them to storm the Bastille with you. They're obviously good at throwing things.
And I'd thought my faith in the system couldn't sink lower. "WTF?" indeed, rocky.
LM - great video!
Feral Boy leading a group of angry monkeys on an attack of Wall Street. Sounds like a movie in the making. I can picture it in my head... FB in his animal skin toga and the monkeys in Guy Fawkes masks... Desaparciedos on the soundtrack...
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