Don Monkerud: U.S. income inequality continues to grow

Don Monkerud

Capital Times

7/16/2009 5:48 pm

In June 2009, the U.S. economy saw its second steepest decline in 27 years. New jobless claims increased, business inventories fell and exports plunged as bad economic news persisted.

Will the once high-flying American wealth machine continue to produce the vast inequalities of the past?

Only two years ago, Steve Forbes, CEO of Forbes magazine, declared 2007 "the richest year ever in human history." During eight years of the Bush administration, the 400 richest Americans, who now own more than the bottom 150 million Americans, increased their net worth by $700 billion. In 2005, the top 1 percent claimed 22 percent of the national income, while the top 10 percent took half of the total income, the largest share since 1928.

In June 2009, the Merrill Lynch Global Wealth Report estimated the number of the world's wealthiest people declined by 15 percent, the steepest decline in the report's 13-year history. The number of millionaires in the U.S. fell by 19 percent to 2.5 million people.

(More here.)