The rich in the US not only sailed through the Great Recession unscathed, they came out richer. Black Americans and working class Americans were the ones left struggling.
A new study by economists at the progressive-leaning Economic Policy Institute found that working class and African Americans families suffered disproportionately in the Great Recession. By way of contrast, it didn't affect the rich at all, in fact, it might have done them some good. The wealthiest 1% of U.S. households had net worth that was 225 times greater than the median or typical household's net worth in 2009. This is the highest ratio on record. The share of wealth held by the richest 20% of American households increased by 2.2 percentage points to 87.2%. At the same time, the median net worth of black households was $2,200 in 2009, the lowest ever recorded; the median among white households was $97,900.
The wealth gap is likely to widen in the next few years as housing prices continue to fall. Meanwhile in Congress, lawmakers are debating cutting programs like Social Security.
This sort of neglect will devastate American society, possibly beyond repair. Not fixing the problem means working class families and Black Americans will not be buying. Demand will continue to shrivel and that can only be bad for the US economy. American inequality is devastating the US economy and society.
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