Who Won? the 93% or the 7%? Why?
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Economic trends since 2009 show A Rise in Wealth for the Wealthy; Declines for the Lower 93%.
During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%, according to a Pew Research Center analysis of newly released Census Bureau data.Uneven Household Recovery
From 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.
What Happened?
Some seriously misguided souls blame free market capitalism for this event.
For details, please see Is Capitalism Killing Our Morals and Economy?
I blame the Fed, fractional reserve lending, political corruption, unions, and the Military Industrial Complex that president Eisenhower warned us about in a Speech in 1961.
In short, the problems we face are not the result of free market capitalism, but rather the results of Fed sponsored corporate and military fascism.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
