Ten years after the recession most Americans – including Baby Boomers – are still struggling with finances.
The Wall Street Journal – cheerleader for capitalist-driven recoveries – noted that Millennials – Gen-Xers and Boomers are all still poorer than in 2007.
But the incredible prosperity of about 10% of the Boomers is beyond dispute as the numbers below will show.
Booming Economy? Yes, for the Richest 10%, Who Took 85 Percent of the New Wealth
In the past eight years the 1% gained $6.75 million each – the 2-10% gained $700,000 each and the poorest 50% of American adults LOST an average of $3,000 each.
The bottom 50% – which includes most of the indebted Millennials – saw their average net worth fall to about $8,000.
That’s the average wealth of people in many developing nations.
Part of the reason is the refusal by employers to pay a living wage.