Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
Here is what the Fed reported about the changes in wealth holdings. Between 2007 and 2010, the average family saw their wealth decline 39 percent. During the same period, median incomes dipped 8%. The 39% drop in wealth speaks to the severity of the recession but the impact was not experienced equally. Families in the top ten percent by income actually saw their net worth increase almost two percent.
Those at the top had their wealth holdings increase and almost everybody else experienced a drastic decline. That's inequality by definition. Check out the visual (rollover to see the absolute figures).
Income inequality has soared to the highest levels since the Great Depression, and the recession has done little to reverse the trend, with the top 1 percent of earners taking 93 percent of the income gains in the first full year of the recovery. The yawning gap between the haves and the have-nots and the political questions that gap has raised about the plight of the middle class has given rise to anti-Wall Street sentiment and animated the presidential campaign. Now, a growing body of economic research suggests that it might mean lower levels of economic growth and slower job creation in the years ahead, as well. Growth becomes more fragile in countries with high levels of inequality like the United States, said Jonathan D. Ostry of the International Monetary Fund, whose research suggests that the widening disparity since the 1980s might shorten the nations economic expansions by as much as a third.
Reducing inequality and bolstering growth, in the long run, might be two sides of the same coin, research published last year by the I.M.F. concluded. Since the 1980s, rich households in the United States have earned a larger and larger share of overall income. The 1 percent earns about one-sixth of all income and the top 10 percent about half, according to statistics compiled by the respected economists Emmanuel Saez of the University of California, Berkeley and Thomas Piketty of the Paris School of Economics. For years, economists have thought of such inequality in part as a side effect of policies that fostered the countrys economic dynamism its tax preferences for investment income, for instance. And organizations like the World Bank and the I.M.F., which is based in Washington, have generally not tackled inequality in the world head on.
But economists thinking has changed sharply in recent years. The Organization for Economic Cooperation and Development this year warned about the negative consequences of the countrys high levels of pay inequality, and suggested an aggressive series of changes to tax and spending programs to tackle it. The I.M.F. has cautioned the United States, too. Some dismiss inequality and focus instead on overall growth arguing, in effect, that a rising tide lifts all boats, a commentary by fund economists said. When a handful of yachts become ocean liners while the rest remain lowly canoes, something is seriously amiss. The concentration of income in the hands of the rich might not just mean a more unequal society, economists believe. It might mean less stable economic expansions and sluggish growth.
That is the conclusion drawn by two economists at the fund, Mr. Ostry and Andrew G. Berg. They found that in rich countries and poor, inequality strongly correlated with shorter spells of economic expansion and thus less growth over time. And inequality seems to have a stronger effect on growth than several other factors, including foreign investment, trade openness, exchange rate competitiveness and the strength of political institutions. For developing economies, the channels through which inequality might drag down growth seem clear. Inequality might foster political instability and lead to violence and economic destruction, for instance, a theme that fits for Arab Spring countries, like Egypt and Syria. For the United States, such channels are now the subject of intense research interest, with economists examining whether and how the gap between the rich and the poor fueled the recession and what it might mean.
MORE
And why should I be angry with my fellow man if they did better than I did this past year?
Reid Cramer: The New Inequality Is Wealth, Not Income
Here is what the Fed reported about the changes in wealth holdings. Between 2007 and 2010, the average family saw their wealth decline 39 percent. During the same period, median incomes dipped 8%. The 39% drop in wealth speaks to the severity of the recession but the impact was not experienced equally. Families in the top ten percent by income actually saw their net worth increase almost two percent.
Those at the top had their wealth holdings increase and almost everybody else experienced a drastic decline. That's inequality by definition. Check out the visual (rollover to see the absolute figures).
http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf
GOP lemmings ignore the obvious to wipe the asses of the rich.
And why should I be angry with my fellow man if they did better than I did this past year?
And why should I be angry with my fellow man if they did better than I did this past year?
Reid Cramer: The New Inequality Is Wealth, Not Income
Here is what the Fed reported about the changes in wealth holdings. Between 2007 and 2010, the average family saw their wealth decline 39 percent. During the same period, median incomes dipped 8%. The 39% drop in wealth speaks to the severity of the recession but the impact was not experienced equally. Families in the top ten percent by income actually saw their net worth increase almost two percent.
Those at the top had their wealth holdings increase and almost everybody else experienced a drastic decline. That's inequality by definition. Check out the visual (rollover to see the absolute figures).
http://www.federalreserve.gov/pubs/bulletin/2012/PDF/scf12.pdf
GOP lemmings ignore the obvious to wipe the asses of the rich.
And why should I be angry with my fellow man if they did better than I did this past year?
Better question: Who said that you should be angry with your fellow man?
And in a society where labor income is taxed at a higher rate than CAPITAL GAINS,
[/LEFT]
The poor in America struggle with obesity.
In fact, the material well-being of our poor and working class has improved 50% since 1980.
Libtard Meme Thread Fail.
The poor in America struggle with obesity.
In fact, the material well-being of our poor and working class has improved 50% since 1980.
Libtard Meme Thread Fail.
Who mentioned anything about the poor? Nice strawman.
This is about opportunity. People are working hard, but can't make it....they need government subsidies to keep a roof over their heads and food on the table....yet you think that they can miraculously find enough SOMEWHERE to start their own business and become wealthy.
While the currently wealthy are hoarding their holdings and/or investing away from the country....further limiting opportunity.
Our country is falling behind....not because of Obama....not because of entitlements or debt....I mean they play a part...but mostly it's about greed and a huge lack of patriotism in our private sector.
The poor in America struggle with obesity.
In fact, the material well-being of our poor and working class has improved 50% since 1980.
Libtard Meme Thread Fail.
Who mentioned anything about the poor? Nice strawman.
This is about opportunity. People are working hard, but can't make it....they need government subsidies to keep a roof over their heads and food on the table....yet you think that they can miraculously find enough SOMEWHERE to start their own business and become wealthy.
While the currently wealthy are hoarding their holdings and/or investing away from the country....further limiting opportunity.
Our country is falling behind....not because of Obama....not because of entitlements or debt....I mean they play a part...but mostly it's about greed and a huge lack of patriotism in our private sector.
Who said that? Strawman, much, Stoolfan?
LOL
The poor in America struggle with obesity.
In fact, the material well-being of our poor and working class has improved 50% since 1980.
Libtard Meme Thread Fail.
Who mentioned anything about the poor? Nice strawman.
This is about opportunity. People are working hard, but can't make it....they need government subsidies to keep a roof over their heads and food on the table....yet you think that they can miraculously find enough SOMEWHERE to start their own business and become wealthy.
While the currently wealthy are hoarding their holdings and/or investing away from the country....further limiting opportunity.
Our country is falling behind....not because of Obama....not because of entitlements or debt....I mean they play a part...but mostly it's about greed and a huge lack of patriotism in our private sector.
Who mentioned anything about the poor? Nice strawman.
This is about opportunity. People are working hard, but can't make it....they need government subsidies to keep a roof over their heads and food on the table....yet you think that they can miraculously find enough SOMEWHERE to start their own business and become wealthy.
While the currently wealthy are hoarding their holdings and/or investing away from the country....further limiting opportunity.
Our country is falling behind....not because of Obama....not because of entitlements or debt....I mean they play a part...but mostly it's about greed and a huge lack of patriotism in our private sector.
Who said that? Strawman, much, Stoolfan?
LOL
Bullshit....do you have any idea how many times you assholes have said..."You don't like your wages? Start your own business and get rich!"
That's not a strawman and is very relevant to the topic. And once again? Stoolfan? Can't win? ATTACK!
You know you're dead wrong...Just too married to your fucked up party to admit it.
