Friday, February 24, 2006
Bush's America: Rich get Richer. Middle Class/ Poor gets the Shaft as Incomes Decline
AssocPress: "The gap between the very wealthy and other income groups widened during 2001 to 2004. Average incomes after adjusting for inflation actually fell from 01 to 04, and the growth in net worth was the weakest in a decade, the Fedrl Reserve reported Thurs. Average family incomes, after adjusting for inflation, fell to $70,700 in 04, a drop of 2.3% when compared w/ '01. That was the weakest showing since a decline of 11.3% from 1989 to 1992, a period that also covered a recession. The top 10% of households saw their net worth rise by 6.1% to an average of $3.11 million while the bottom 25% suffered a decline from a net worth in which their assets equaled their liabilities in '01 to owing $1,400 more than their total assets in '04. "This is the continuing story of the rich getting richer," said David Wyss, chief economist at Standard & Poor's in NY. "Clearly, the gains in wealth are going to the top end."