Posted by Larry Doyle on July 27th, 2010 1:05 PM |
Thanks to a good friend of Sense on Cents for sharing an array of truly startling statistics about the distribution of wealth in our nation today. These stats are embedded in a recent article which ran at Yahoo Finance entitled, The Middle Class in America Is Radically Shrinking. Let’s review the statistics first and add comments later:
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans. (more…)