The recession is over. Oh, you didn’t get the memo? That’s ok; most of us didn’t. And that is because only the wealthy have managed to recover, mostly, while the rest of us continue to struggle.
According to new analysis from the US Congressional Budget Office, the wealthiest Americans are very close to regaining all of their losses over the period we now call the Great Recession, while the poorest continue to fall deeper and deeper into debt.
As a matter of fact, this report actually shows that the wealthiest 10 percent in America now hold roughly 75 percent of all the wealth in the United States. What is probably more alarming, though, is that this number is up from 66 percent of the nation’s wealth, in 1989. The average wealth of that top 10 percent, according to the report, was $4 million while the average debt of the bottom 25 percent of families was $13,000.
And what is most alarming, is that this number is 3 percent higher than at the beginning of this Recession.
And at the same time, most Americans have now found themselves in more debt, comparatively, than in 1989. The only age group that is actually doing better than their corresponding group from that year, is the senior group. The age group that saw the weakest gains, somewhat not surprisingly, was the young and middle-Aged working group.
In the report the Congressional Budget Office, which was headed up by none other than US Senator Bernie Sanders, the agency says, “Over the period from 1989 through 2013, family wealth grew at significantly different rates for different segments of the US population. The distribution of wealth among the nation’s families was more unequal in 2013 than it had been in 1989.”
Sanders, himself, responded, in a statement to the press: “The reality, as this report makes clear, is that since the 1980s there has been an enormous transfer of wealth from the middle class and the poor to the wealthiest people in this country. There is something profoundly wrong when the rich keep getting richer and virtually everyone else gets poorer. That is unacceptable, and that has got to change.”