Richest 7% got richer during recovery, report says

[OhioChick]

Source: AP

April 23, 2013 at 12:12 PM

WASHINGTON -- A new report says the richest Americans got richer during the first two years of the economic recovery while average net worth declined for the other 93 percent of the nation's households.

The Pew Research Center report says wealth held by the richest 7 percent of households rose 28 percent from 2009 to 2011, while the net worth of the other 93 percent of households dropped by 4 percent.

It says the main reason for the widening gap is that affluent households have stocks and other financial holdings that increased in value, while the less wealthy have more of their assets in their homes, which haven't fully regained their value since the housing downturn.


Read more: http://www.cleveland.com/business/index.ssf/2013/04/richest_7_got_richer_during_re.html#incart_river_default

[BobTheSubgenius]

1. Fantastic!

I was hoping against hope that there would finally be some good news for the wealthiest among us!

[Octafish]

30. Absolutely!

Why be sad when you can be happy that someone's enjoying the fruits of your labor and injuries?

[Newest Reality]

2. Well that means

we have some time left.

I wouldn't want to have to live under their rule while they were angry and hungry or deprived of anything. That would just be...Soylent Greenish with a sprig of Machiavelli.

Whew! Thanks for the news. Made my day.

[Wilms]

3. This underscores the fact that it isn't just the 1%. n/t

[fasttense]

14. So.......When will the rest of us the (93%)

DEMAND that these corrupt political figures represent "WE THE PEOPLE"

I think it is about time around 2 million or so people surround the White House and the Capitol to get their attention!!!

We should remind them they do NOT work for the lobbyist, and the corporations,

CAN ANY ONE SAY REVOLUTION ??????

[woo me with science]

4. It's not a recovery. It's a restructuring.

and it is deliberate.

The proof: Our middle class has been devastated and impoverished. Do you see ANY politicians acknowledging this or treating it as the CRISIS that it is? Any clarion calls to right the wrong? Any acknowledgement at all that it is happening?

No, they are talking about cutting the safety nets.

Have we had enough yet? Enough of the ASSAULTS, and the PROPAGANDA, and the LIES?

Yet?

[yurbud]

9. in the long run, it's too late to save the elites. Democracies run on information

and the internet makes it impossible to hide enough for the financial elite to hold onto power.

Eventually, their power will bleed away in the death of a thousand leaks and the failure of their PR to be believed long enough to become conventional wisdom.

The only question is how long will it take for them to lose their grip, and how much pain they will inflict in the effort to hold onto power.

I think they are trying to ramp up to a Franco in Spain scenario, but enough of the necessary players in the military and politics aren't doing as they're told to make it work.

[closeupready]

15. I agree with this assessment.

Eventually, people DO wake up, even in societies where the vast majority are kept literally enslaved. Such as China or Russia or even here in the US.

Where I think things will differ is the change that will happen will not be as radical as those changes, but it will catch many people in the 1% by surprise - kind of Condaleeza Rice, "who could have predicted?" surprise, i.e., the kind of change that everyone else sees and senses is coming, but the Establishment refuses to accommodate/co-opt.

[yurbud]

22. even those of us who want it might be surprised by what precipitates it

or what the breaking point is, or how far or little things change at once.

But it's inevitable.

[Orsino]

5. The rich getting richer WAS the "recovery." n/t

[woo me with science]

7. Indeed. nt

[phantom power]

12. +oo

[MichiganVote]

31. +1. Absolutely.

[City Lights]

6. Oh, what a relief!

[Spitfire of ATJ]

8. Of course. When you hear money was "lost" the question is "to who?"

[DreamSmoker]

10. Bump

[gaspee]

11. The comments are priceless (n/t)

[HughBeaumont]

13. Are they priceless . . .

. . . .as in the usual RW bootstrapper racist garbage from the suburban angry white guys who read the PD . . . . . . or priceless as in "Yes, this is a problem that needs to be solved now?"

(I'm only asking because my work firewall blocks the comments section )

[gaspee]

16. mostly the first.

[HughBeaumont]

17. AH, the low I.Q. Faux-addled looooooooo-sers don't disappoint!

Can't wait to read the factless shilling whinery from the "Temporarily Embarrassed Millionaire" crowd when I get home!!

[HughBeaumont]

23. Oh dear GOD, WHY did I read that? WHYYYYYYY???

Dumb-assed bootstrapper TeaHadists. Supply Side Economics is as logically sturdy as a reverse Charmin pyramid. Never mind that it hasn't worked in 33 years, LET'S JUST KEEP ON-A DOING IT!!!

[gaspee]

24. I asked myself the same thing

That's a few minutes I'll never see again.

[JudyM]

18. Well, that's a shock.

Anyone with any money to invest when the market bottomed out stood a very good chance of racking up the dollars.

[rrneck]

19. The game is rigged. nt

[JDPriestly]

20. So why was it that we need the chained CPI?

We need higher taxes on income from capital -- higher capital gains taxes. That's what we need. Higher capital gains taxes that include deductions for investing capital in jobs in the US.

[Sunlei]

26. nooo my 5 shares of stock is all I have :P

[FiveGoodMen]

21. Purely a coincidence, I'm sure.

(need the tag?)

[Sunlei]

25. yeah, I know quite a few and they are all remodeling their mansions again :)

That's how you know there is money to burn and taxes are way to low for the upper crust.

[valerief]

27. Cuz that's how the system is rigged. nt

[WCGreen]

28. Yea, for the ruling class....

[DirkGently]

29. I'm sure they just "created" that wealth. From their wealth-creation glands, like.

[sakabatou]

32. Of course they did