If you are like most Americans, you probably did miss this, or are even shocked to hear that American wealth is reaching historic levels amidst the “Great Recession:”
“A surging stock market and a steady recovery in home prices drove Americans’ wealth to a record last summer,” says an AP story published in USA Today.
The nation’s wealth rose 2.6% from July through September to a record $77.3 trillion
You probably missed this because 95% of the gains between 2009-2012 have gone strictly to the wealthiest top 1 percent of Americans, according to Brenda Cronin of the Wall Street Journal.
The AP story noted that the wealthiest 10% of U.S. households own about 80% of stocks. And home ownership has declined since the recession, particularly among lower-income Americans.