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Sunday, December 26, 2010

The rich get richer as everyone else falls behind

Everyone knows the problem. But is anyone in Washington bothered enough to care and do something about it? Not likely. Both parties are much too interested in receiving a windfall from the richest of the rich for their campaigns to really be bothered. 

CNN:
The richest 1% of U.S. households had a net worth 225 times greater than that of the average American household in 2009, according to analysis conducted by the Economic Policy Institute, a liberal think tank. That's up from the previous record of 190 times greater, which was set in 2004.

The widening gap came even as wealthy households' average net worth tumbled 27% -- to about $14 million -- between 2007 to 2009. That's the first time that they suffered a decline since the three-year period of 1992 to 1995.

Meanwhile, the average family's net worth plunged 41% -- to just $62,200 -- from 2007 to 2009, according to EPI's calculations.

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