Moral Outrage
Whew! God help us!

The gap between the rich and the middle class and the poor

The richest 1% of U.S. households had a net worth 225 times greater than that of the average American household in 2009, according to analysis conducted by the Economic Policy Institute.

That’s up from the previous record of 190 times greater, which was set in 2004.

Meanwhile, the average family’s net worth plunged 41% from 2007 to 2009, according to EPI’s calculations.

“The typical person lost more because a bigger percentage of their wealth in 2007 had been the value of their home,” said Heidi Shierholz, an economist with EPI.

And the poorest U.S. households have had a negative net worth in every reading dating back to 1962, meaning that their debts and other liabilities outweigh their assets. They fell deeper into a hole the last two years, with their net worth falling to negative $27,000 on average, or nearly twice as much as they owed two years earlier.

[CNNMoney]

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2 Responses to “The gap between the rich and the middle class and the poor”

  1. I Dont Have Health Care Insurance right now but have remained relatively debt free since my divorce in 2008. The Social Security check I get each month actually provides my service to my country and a Home in Gov. Housing. I walked for 5 months last summer because I couldnt afford to fix my truck. My PC crashed and died last August. I am now acruing medical debts because of the lack of funds to pay my ddeductable for my Healthcare Insurance. While I am still in the best possible place I could be to serve my country and more capable than most people becuase of Experience with this kind of work. Unemployed too.


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