Monday, October 1, 2012

5 Obscene Reasons Why Richest Americans grow Richer As Middle-Class Declines | Alternet

5 Obscene Reasons Why Richest Americans grow Richer As Middle-Class Declines | Alternet
"If you want to see what’s wrong with America take a good look at the nauseating list of the 400 richest Americans – the Forbes 400 . While the economy struggled to create jobs, it was another banner year for the super-rich. They increased their collective wealth by a whopping $200 billion, which is more than enough to provide every student in the country with free higher education.
Meanwhile, the median middle-class family – the one smack in the middle of the income distribution -- saw its net worth (assets minus liabilities) drop from $102,844 in 2005 to $66,740 in 2010 according to the U.S. Census Bureau . So while the richest 400 Americans increased their wealth by 54 percent since 2005, the median middle-class family saw its wealth decline by 35 percent. Welcome to the new American math."