Wealthiest Americans have 288 times net worth of typical family
By Tami Luhby | CNNMoney.com
The wealth gap between the richest Americans and the typical family more than doubled over the past 50 years.
In 1962, the top 1% had 125 times the net worth of the median household. That shot up to 288 times by 2010, according to a new report by the left-leaning Economic Policy Institute.
That trend is happening for two reasons: Not only are the rich getting richer, but the middle class is also getting poorer.
http://finance.yahoo.com/news/wealthies … 00831.html
The rich get richer and the poor....
I have long followed this trend. Where this becomes a problem is when the disproportionate wealth perpetuates itself by sustained economic advantages. Social networking. Better access to resources. Better access to education. This is what makes the 288x number most dangerous. It will ultimately result in the destabilization of society.
I have to disagree a bit with onefineham's comment. I believe that the wealth is not actually an issue. In fact, it is a benefit. You see, we often forget that those millions of dollars earned by the wealthy are not simply sitting under their pillow. They are in the bank or being used as venture capital.
In other words, if there were not people with millions of dollars to take a risk with, we would never have businesses such as HubPages, Facebook, YouTube, etc. While one person may have a great idea for these companies, in order for them to really take off they need funding - that funding certainly doesn't come from me and my small paycheck - it comes from those who have the money to blow.
If the rich horded their money in a safe, locked away in their homes, than yes, it would be hurting you and I. However, since it is being used to make purchases, placed in the bank, or used to start another business, it actually provides you and I, along with other Americans, jobs. If everyone was equally poor (which I assume is the alternative), then we would all be out of work.
Sure, the rich have a lot more - but I bet if you compare the "middle class" of today to that of 50 years ago in terms of "stuff", they would have far more. Compared to the richest, we might not have much, but I am sure we have more dish washers, washing machines, cars, bigger houses, etc, compared to the middle class American of the last century.
My first "real" job after college, in the early 70's, was in a county with a high percentage of homes with no running water and no sewer. It was in Caroline county, Va., Less than 100 miles from Wash. D.C.
And there wasn't a cell phone, a home computer or a GPS in the county. Homes were about half the size of what they are today and few people had 2 cars. I'd say we have a little more than we did even 40 years ago.
Jealous much? This continuing attack on people with money is just sad. Have a coke and a smile.
Can you really blame wealthy people for being successful? They obviously provide more value to the marketplace than other people. This is capitalism...
Capitalism. The method of making profits from an economic event. Not sure f that is the wiki or websters definition but it is pretty close. But in simple terms, the term sounds like I am looking out for myself and my family. I think the wealthy will only become 500 times more rich than the typical family.
It happens in other democratic countries too, I know. We have decent infrastructure, shopping and so many ways to make it big, so it is hard to complain.
by Tessa Schlesinger3 days ago
The eight richest men in the world own half the world's wealth. This means that the other half is owned by 7.5 billion people. Oxfam, the British charity, which has been following the upward flow of wealth for the last...
by Gary Anderson5 years ago
The richest 1 percent have a greater net worth than the bottom 90 percent. If you don't want revolution, this must change. Countries that have this discrepancy are at risk of social unrest. Bottom line, if you want...
by Stacie L6 years ago
Published on Saturday, December 25, 2010 by ReutersFading Optimism in New Normal Americaby Bernd Debusmann"Optimism is so deeply embedded in the American national psyche that it withstood the Great Depression in...
by Kathryn L Hill2 years ago
by Billy Hicks4 years ago
There has been a lot of discussion about class warfare, and the wealthy not paying "their fair share",so my question for you, my esteemed fellow Hubbers is this:Assuming that they are complying with all...
by Grace Marguerite Williams2 years ago
STILL possess a slave-inferior-passive-poverty consciousness, mentality, mindset, & psychology regarding the socioeconomic sphere in American society? American Blacks are still the most powerless group in...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.