Tuesday, February 22, 2011

The Rich Get Richer

From CNN Money:
http://money.cnn.com/2011/02/22/news/economy/income_inequality/index.htm
"In 2009, the richest 10% of Americans accounted for about half the nation's wealth. Narrow that focus a bit further, and the trend is even more alarming. The top 0.1% -- those who make at least $2 million each year -- controlled 10% of the economy.

'That's a far cry from the 1950s, when the suburban American dream ruled: the bottom 90% of Americans controlled about 68% of the economy...
."

All that wealth explains a statistic reported yesterday (2/21) by USA Today:
http://www.usatoday.com/money/economy/2011-02-21-1Aluxury21_CV_N.htm
"Nation’s wealthiest 5% of households account for 37% of consumer spending according to Moody’s Analytics."

Extreme Inequality Produces Economic Instability, as Washington's Blog documents:
http://georgewashington2.blogspot.com/2011/02/john-kenneth-galbraith-explained-that.html

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