Richest households have net worth 225 times greater than the average household. USA! USA! USA! USA!

[Amerigo Vespucci]

Richest households have net worth 225 times greater than the average household.

The rich are much richer than you and me
By Chris Isidore, senior writerDecember 23, 2010: 3:39 PM ET

http://money.cnn.com/2010/12/23/pf/rich_wealth_gap/index.htm

NEW YORK (CNNMoney.com) -- The gap between the rich and the middle class is larger than it has ever been due to the bursting of the housing bubble.

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, a liberal think tank. That's up from the previous record of 190 times greater, which was set in 2004.

The widening gap came even as wealthy households' average net worth tumbled 27% -- to about $14 million -- between 2007 to 2009. That's the first time that they suffered a decline since the three-year period of 1992 to 1995.

Meanwhile, the average family's net worth plunged 41% -- to just $62,200 -- 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.

[rucky]

1. It's because they work 225 times harder.

That's like 9000 hours a week, and they still have time for golf.

[Amerigo Vespucci]

2. Well, like former President Bush for example...

...remember how he was always reminding us that presidentin' was hard work?

[dkf]

3. Irony is its not because they made so much but because they lost less.

If the stock market had completely crashed and the housing market been untouched then the gap would have narrowed.

[shireen]

4. home prices may have tumbled

but they tumbled from a pretty high perch and have still not reached a reasonable affordable rate, like 2002-2003 prices. At least that's the case in Baltimore. If you bought a house before the boom and did not use it as an ATM, you're well ahead of others who bought just a few years later. I've not bought because i can't afford it. If i had done it in 2002, it would have been manageable. It's really frustrating.

Meanwhile, rents are increasing. It's really unbelievable.

What a racket ...

[RKP5637]

5. USA, Inc. The whole place is a racket unless you're in with the highly monied

players. Most of the youth of today are inheriting I fear a pretty sorry place.