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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAmericans Worth $500,000 or More Only Recovery Winners, Pew Says
By Frank Bass - Apr 23, 2013
The U.S. economy has recovered for households with net worth of $500,000 or more, a new study shows. The recession continues for almost everyone else.
Wealthy households boosted their net worth by 21.2 percent in the aftermath of the recession, according to the study released today by the Pew Research Center. The rest of America lost 4.9 percent of household wealth from 2009 to 2011.
Pew attributed the disparity to gains during that period in the stock and bond markets, benefiting affluent households, while the housing markets decline hit others harder. The report underscores the nations growing income inequality, with the top 13 percent of households recovering their losses from the 18- month recession that ended in June 2009, and the rest of the country continuing to hemorrhage wealth.
The results are entirely sensible, but depressing, said Richard Fry, a Pew senior research associate and co-author of the study by the Washington-based organization. Its a stark story of two Americas.
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http://www.bloomberg.com/news/2013-04-23/wealthiest-americans-only-winners-in-recovery-pew-says.html
WCGreen
(45,558 posts)More like a Drip..... Drip....... Drip
kestrel91316
(51,666 posts)HughBeaumont
(24,461 posts)I believe you were saying something funny about this economy NOT being "zero sum"?
Why do I even go to the comments sections of these stories? WHY? Useful idiots who ignore elephants in the room and push toxic failed narratives make me weep with agony.
badtoworse
(5,957 posts)In 2011, the housing market was at rock bottom. It does seem to have recovered a bit, so families whose net worth is concentrated in their home should be better off now.
By contrast, in 2009, if your net worth was mostly in financial instruments, you probably in tough shape.