According to a new Pew Research report, during the first two years of the (tepid) recover the “upper 7 percent of American households saw their average net worth increase 28 percent, while the wealth of the other 93 percent declined.”
Here’s an analysis from the Washington Post: In recovery the rich get richer
And here is a link to the Pew Report: Rise in Wealth for the Wealthy
This is not necessarily a bad thing in the abstract, but we don’t live in Abstractistan, we live in the real world. In the real world wealth disparity leads to social and political unrest. It is also well documented that when the wealthy control most of the money, there is less in the pockets of average consumers, and hence less economic activity. Do both sound familiar?
