16 Mar 2009

American Inequality Reduced

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Tigerhawk is willing to give credit where credit is due.

To the extent that Americans, mostly Democratic Americans, believed that the gap between rich and poor was a bigger problem than the absolute prosperity of the poor, I suspect that on the final crunching of the numbers social scientists will discover that most of the widening of the last couple of decades has been suddenly erased. Well, there’s one problem solved!

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US News:

Americans’ Net worth down $15.5 trillion.

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CNN Money:

The number of American households with a net worth of $1 million or more, excluding the value of their primary residence, fell 27% to 6.7 million in 2008 from an all-time high of 9.2 million the year before, according to a report from market research firm Spectrem Group.

“America has a lot fewer millionaires than when this economic crisis began,” said George Walper, president of Spectrem Group, in a written statement.

But don’t weep only for the 2.5 million fewer millionaires. The report, which is based on surveys of 3,000 affluent households, also showed the number of both multi-millionaires and aspiring millionaires plummeted last year.

Affluent households, defined as those with a net worth of $500,000 or more, declined 28% to 11.3 million from 15.7 million.

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One Feedback on "American Inequality Reduced"

Scott D

Wealth measures always expand in periods of high growth and contract in periods of low growth. This is almost tautological. Are all you non-wealthy happy now?



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