Rich Getting Richer, Poor Getting Poorer

Ed Lynch Tuesday, April 23, 2013

The first two years of economic recovery has only made the richest Americans richer, says the Associated Press. While the upper 7 percent of households saw their wealth totals go up, the other 93 percent of the households saw their net worth decline.

A report from the Pew Research Center analyzed updated Census Bureau data that was released last month. One of the reasons for this increase in wealth is that these households normally own stocks and have other financial holdings that have increased in value. The less wealthy normally have more asset value wrapped up in their home’s value, which hasn’t seen any rebound as of yet from the home value plunge.

This report is just the latest one to show the inequality that is growing among Americans. This report has only served to help increase the protests of Occupy Wall Street and help prove their point.

There were many other things that were brought out in the report as well, including that on an individual household basis, the average wealth of the more affluent group was almost 24 times of those who are in the less affluent group. Just a little over two years ago, the ratio was less than 18 to 1.

Most of us fall into the 93 percent group and this report shows that there are no signs so far of things getting better. Hopefully, change is coming. 

Edwardl@longislandyellowpages.com

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