Friday, April 21, 2006

Very rich grows at fastest pace in 10yrs

Hat tip to JuBlu of Out of the Blue for this (via MSNBC): "The number of very rich people in the US grew last yr at the fastest pace in at least a decade. The number of households with $5m+ in investable assets (excluding the family home) rose by 26% to a record 930,000, according to a study by Spectrem Group. That is the biggest jump since Spectrem began its survey in 1996. The number of millionaires rose by 11%, to a record 8.3m- the 2nd biggest jump in the decade and the overall affluent market (households with $500,000 or more) rose by 7% to a record 14m. Spectrem said: "It's been a great couple of yrs for America's millionaires (under BushCo? how shocking!) ... However, for the wealthiest Americans it appears the increased use of internatl markets and alternative investments were key drivers of their improvement." Oh, so like our prez (who has whored out our grandchildren's futures to the Chinese as they gobble up our bonds to float our debt) the wealthiest had to abandon investing in America in order to make the most dough. So who is gonna invest in America? The swelling 37 million+ Americans living in poverty in 2005? Sorry, that is nearly 1 out of every 8 people in the US. They are too busy just trying to survive. Investing is NOT high on their list of priorities. But 1 thing sure is the same: As BushCo's millionaires & "very wealthy" rise in numbers so do these numbers: Poverty's rise to 12.7% of the total pop. represented an additional 7 m people falling into poverty since 2000 AND every day in America, 2,019 babies are born into poverty. This means that a child is born into poverty every 43 secs. Almost 80% of these children live in "working- poor" households. Hmm... that time of Clinton-era prosperity makes that blowjob seem even more trivial now doesn't it?
Posted by Tina :: 12:42 AM :: 2 Comments:

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