Some sobering statistics for those who believe in the monetary and fiscal policies of the “recovery”:
- The poverty rate has increased from 12% in 2008 to 16.1% today
- Since January 2009, real median household income, representing the income for the middle class, has declined by about $4,500, or 8%.
- from 2009 to 2011 the net worth of the richest 7% of Americans increased by nearly $700,000 on average, or 28%. But the net worth of everyone else in America declined by 4% on average.
- the share of wealth held by the top 7% increased from 56% in 2009 to 63% in 2011.
Again, the rich getting richer, and the poor getting poorer. These are the direct and expected results of easy credit policy, excessive government debt, and the reflation of financial and real assets like housing. Meanwhile, incomes and wages stagnate.
The Roman Senate delivered ‘bread and circuses’ to keep the poor masses complacent. Are we too blind to see this happening today with a bubble economy delivered by politicians?
“But hey, my overpriced house is recovering! My 401(k) is up!”
Yeah. For now.