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The Great Recession is over – for the wealthy in the US. The median net worth of upper income households fell from $740,100 in 2007, to $659,300 in 2013, and have rebounded to $810,800 in 2016, a more than 10% increase. The median net worth of middle income households has dropped 33%. For lower income households it is even worse at 42%. Except for the upper income households, Americans are back to 1989 levels. One consequence has been the increase in wealth inequality where upper income households are worth 7 times middle income households and 75 times that of lower income households. That’s a doubling compared to middle income and roughly a tripling for lower income. The inequalities are even greater when compared across ethnicities. So, yes, the US has recovered from the Great Recession for some Americans but not for the majority.

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One thought on “Rich Recover From Recession

  1. Why are we even entertaining a tax cut for the billionaire class? I get that sure they have earned their billions because we can’t stop buying their products, but why do we have to give them extra incentives to amass even greater wealth? And the news of Apple moving to some tax-haven island just to avoid paying more taxes to the country that hosts them is unethical in terms of humanity, if not in terms of economics.

    Where is the overall concern for the development and sustainability of the world’s population? Clean water and fertile land to feed the billions of starving people? The whole idea of banks and tech companies swarming around the microphones in front of investigation committees protecting their right to exploit the world makes me sick.

    And where is the global outrage against the US policies that discourage family planning and women’s health protection to help the overstressed populations achieve some level of sustainability?

    Billions for the few. Keep the middle class contented and silent. Punish the rest for choosing to live in the wrong place in immoral political regimes without the means to create water sources that support good crops and healthy herds.

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