© CultureChange.org
Anyone reviewing the data is likely to conclude that there must be some mistake. It doesn't seem possible that one out of twenty American families could each have made a million dollars since Obama became President, while the average American family's net worth has barely recovered. But the evidence comes from numerous reputable sources.
Some conservatives continue to claim that President Obama is
unfriendly to business, but the facts show that the richest Americans and the biggest businesses have been the main - perhaps
only - beneficiaries of the massive wealth gain over the past five years.
1. $5 Million to Each of the 1%, and $1 Million to Each of the Next 4%From the end of 2008 to the middle of 2013 total U.S. wealth
increased from $47 trillion to $72 trillion. About $16 trillion of that is financial gain (stocks and other financial instruments).
The richest 1% own about
38 percent of stocks, and half of non-stock financial assets. So they've gained at least $6.1 trillion (38 percent of $16 trillion). That's over $5 million for each of 1.2 million households.
The next richest 4%, based on similar
calculations, gained about $5.1 trillion. That's over a million dollars for each of their 4.8 million households.
The least wealthy 90% in our country own only
11 percent of all stocks excluding pensions (which are fast disappearing). The frantic recent surge in the stock market has largely bypassed these families.
Comment: Israel's ethnic cleansing and apartheid in Palestine
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Israel blows off UN review, buying time to whitewash human rights record
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