The rich have become get richer, and the middle class has become poorer. The trend continued throughout the end of the recession and into the tepid recovery. Many people expected that trend, which increases the belief that the top 1% of Americans control the lion’s share of American wealth. In Washington, that fact is a cornerstone of the debate about why the well-off should pay more taxes.
A new Pew study indicates about U.S. wealth distribution:
During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%, according to a Pew Research Center analysis of newly released Census Bureau data.
From 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.
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