Why America's Rich People are Better than Everyone Else's

[xchrom]

http://www.nationofchange.org/why-america-s-rich-people-are-better-everyone-else-s-1336397033

A remarkable story appeared in Newsweek recently, a celebration by author Daniel Gross of America's re-emergence as the strongest economy and best darn nation in the world. An underlying theme in the article, implicit in the grandiose descriptions of our post-recession growth, is that all American lives must be improving because of the magic of our "resilient and nimble private sector." The Newsweek reader might have been reminded of the wisdom of Goldman Sachs chairman Lloyd Blankfein: "Everybody should be, frankly, happy...the financial system led us into the crisis and it will lead us out."

It sure is nice to feel good about ourselves. But it's more important to be thorough with the facts. Only a small percentage of Americans have benefited from the economic resurgence. The people with money are congratulating themselves while remaining disdainfully isolated from the real world all around them.

The article starts with the prideful assertion that "The stock market has doubled since March 2009, while corporate profits and exports have surged to records." That's all good for about 1% of us. The Americans in this elite group captured a stunning 93% of the income gains in the first year of recovery.

The 'recovery' itself is largely a resumption of the pattern seen over the past twenty years, during which the richest 5% of Americans have steadily increased their already sizable (70% of the total) stock market holdings.

[bemildred]

1. A true "Let them eat cake" moment. nt

[xchrom]

2. Did you see 'the peoples bishop' marmar posted?

It's good if you haven't seen it - in good reads today.

[bemildred]

3. I'll check it out, still cruising the forums. nt