Dec 30 2013

The Great Income Divide: IRS data shows 50 percent of households make less than $35,000 per year. Top 10 percent pay 68 percent of income taxes.

A major theme throughout 2013 revolved around a booming stock market and real estate sector.  Alongside this theme however was also the one of growing income inequality.  The stock market generated one of its best years but only a small portion of the population benefitted since most Americans do not own stocks outright.  The real […]

Dec 13 2013

A Gilded Age built on debt for modern day financial aristocrats: Fed reports record for household net worth only problem is that most people do not own financial assets.

The Fed recently reported that US households reached an all-time record high when it comes to their net worth.  A record $77.3 trillion net worth figure was reported with $7.65 trillion of this growth occurring over the last 12 months.  The only issue here is that most Americans do not own any financial assets.  The […]

Dec 3 2013

Top 10 percent of US households control nearly 75 percent of all wealth – Average Americans pretend to be temporarily embarrassed millionaires by going further into debt.

We currently exist in a land of financial contradictions.  US household incomes adjusting for inflation are back to levels last seen in the late 1980s.  However, holiday spending is going strongly largely by people going into big debt.  Many are going to be paying for the holiday season of 2013 deep into years to come.  […]

Aug 24 2013

Wealth distribution in US rivals a modern day Gilded Age: In 2013 wealth inequality at record levels. 72 percent of wealth in US held by 5 percent of the population.

Americans continue to live through a modern day Gilded Age.  Wealth inequality is at its highest levels since the Great Depression, when names like Mellon and Morgan plastered the headlines.  Yet this time around, the availability of debt provides the illusion that the playing field is even.  Americans are massively in debt and when we […]

Jul 30 2013

The American dream myth: Income mobility; 4 out of 5 Americans struggle with poverty, joblessness, or go on welfare at some point during their lives; and bottom 80 percent of Americans control 7 percent of total wealth.

There is an odd sort of Greek-like mythology that the American dream is only getting stronger when various pieces of economic data clearly show that this is not the case.  The middle class has noticeably shrunk over the past few decades.  Income inequality is at levels last seen during the wildly opulent Gilded Age.  We […]

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