Only the Wealthy Gained During the Economic Recovery
A new Federal Reserve report reveals that the income disparities between the rich and the average American only increased during the economic recovery.
September 4, 2014 | CFO.com | US
The average income for most Americans, save for the very rich, either dropped or stagnated during the 2010-2013 economic recovery period, according to a Federal Reserve study, reports Bloomberg.
The sizable gains of the wealthy weren’t just restricted to the so-called “one percenters.” The top 3% of families experienced a strong financial windfall, with their share of income jumping to 30.5% in 2013 from 27.7% in 2010.
“Households with access to assets such as homes and stock portfolios have found their wealth buoyed over the last three years,” according to Bloomberg, largely due to a 47% percent climb in the S&P 500 and a double-digit increase in property values.
Thursday, September 04, 2014
The "producers" or "makers" have recovered from the Great Recession but the rest of us haven't.
Posted by Steve J. at 5:17 PM