We all know that average Americans have been reeling financially since the Great Recession. We know that the post-recession recovery has gone mainly to the richest of the rich and, this time, it's pretty clear there's been no 'trickle down' to the plebes.
A new study by the Russell Sage Foundation in conjunction with Stanford University shows the hit ordinary American families have taken since the recession. In 2003, the median American household wealth stood at $87,992. A decade later that figure had plummeted to just $56,335. In other words, ordinary Americans (the median family) became 36% poorer in the span of just 10-years.
Taking a longer view, from pre-recession 1984, wealth for the 95th percentile has doubled while for the 75th percentile it increased by a third. Median family wealth, however, has dropped 20% from 1984 levels while the 25th percentile has seen their wealth evaporate by a staggering 60%.
Two weeks ago, I wrote: The game today is for one select group of people to employ its considerable advantages to mine the remaining wealth out of everyone else. We've become the last, best natural resource and the system has been rigged to effect the greatest unearned transfer of wealth ever.
Thomas Pilger observed: "'Austerity' is the imposition of extreme capitalism on the poor and the gift of socialism for the rich: an ingenious system under which the majority service the debts of the few."
The rich are getting richer and they're doing it on the backs of everyone else. The poor are indeed getting poorer and the very poor are becoming economically eviscerated. Here's the thing. This isn't going to stop on its own. It's going to continue worsening until someone makes it stop. That's you. Don't expect any help from political parties that have already embraced neoliberalism. They're not in your corner. Clinging to them is like clutching an anchor while you’re trying to tread water.
Mos, The Disaffected Lib
