Monday, October 8, 2012

Gap between Wealthy and Middle Class Widens Again!

I didn’t say it, but we’d better all start thinking about it and worrying about it!”
by Charlie Leck

“Income inequality of the scale we have today is destroying our democracy.”
[Bob Crandall, retired CEO of American Airlines]

“The 1.2 million households whose incomes put them in the top 1 percent of the U.S. saw their earnings increase 5.5 percent last year… Earnings fell 1.7 percent for the 96 million households in the bottom 80 percent – those that made less than $101,583.”
[Peter Robison, Bloomberg News]

“In 2010, the top 1 percent of U.S. families captured as much as 93 percent of the nation’s income growth.”
[Emmanuel Saez, University of California economist from his study of IRS data]

I remembering lecturing my girls about home ownership; and telling them that buying a house would be the single-most important investment they would make. It’s no longer true. Since 2006 there has been a 5.8 trillion dollar loss in home values.

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