The rich continue to pull away from the rest of the crowd.
from My Budget 360
Wealth in the U.S. continues to accumulate into fewer hands. A recent Congressional Budget Office report showed that the top 10% of U.S. families now control 76% of total wealth. That is a massive amount considering total family wealth is at $67 trillion. Wealth inequality continues to expand and is creating deeper divides in our political landscape. Consider the other side of the coin where half of U.S. families don’t even own one stock. Is it a good thing that wealth is concentrating in fewer hands? It depends on who you ask but wealth inequality of this level was last seen in the Roaring 20s right before entering into the Great Depression. People forget how quickly fortunes can turn. Yet many Americans today are already struggling deeply financially. The end result is a nation that is frustrated with the system since it doesn’t feel like it represents their needs.