Tuesday, April 27, 2010

Consolidation of Wealth in the U.S.: Top 1% Control 70% of all Financial Assets

http://www.mybudget360.com/how-much-average-household-income-us-recession-income-distribution/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+mybudget360%2FQePx+%28My+Budget+360%29
Mybudget 360 has compiled some remarkable data:

"In 2009, the number of billionaires increased from 793 to 1,011, and their aggregate wealth increased by a stunning 50% - their aggregate wealth increased by 50% during the most devastating economic crisis since the Great Depression. Their aggregate wealth increased from $2.4 trillion, to $3.6 trillion, during the most devastating economic crisis since the Great Depression. The economic top 1% of the population now controls an all time record 70% of all financial assets..."

David DeGraw summarizes the effect of these trends in wealth distribution: "The inequality of wealth in the United States between the economic top half of one percent and the remaining 99.5% of the US population is now at an all-time high"
http://ampedstatus.com/as-the-middle-class-collapses-and-the-american-poverty-rate-soars-the-economic-elite-have-never-had-it-better-audio-transcript

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