Although the Federal Reserve cites gains in Americans' net worth in the most recent quarter, the increases are disproportionately flowing to the richest one-tenth of the population.
In the period 2013-2016, the wealthiest households pulled even further ahead, worsening the nation’s massive disparities in wealth and income.
Higher interest rates would triple the interest on the federal debt by 2026, would hurt workers and young voters and could bankrupt more than 20 percent of U.S. corporations.
Developing countries are continuing to struggle with the weak global economy. The bank said it expected to lend more than $150 billion in the four years from 2013 -- a period when global economic activity repeatedly failed to match expectations.
These 400 billionaires are wealthier than 190 million of their fellow Americans.
Employers added a mere 142,000 jobs in September, the Labor Department announced Friday, suggesting that the U.S. economy is losing momentum after a second month of lackluster growth.
For the past quarter-century I’ve offered in articles, books, and lectures an explanation for why average working people in advanced nations like the United States have failed to gain ground and are under increasing economic stress.
Wealth inequality between whites and their black and Hispanic counterparts has reached its highest point since the late ’80s and early 2000s in the U.S.
Those who were heartened by the recent drop in the unemployment rate have less to cheer about than it seems as the gap between those with jobs, and those who have given up, yawns widely. The percentage of working-age Americans with jobs is still painfully low -- and not likely to change soon as corporations hoard cash.
Abenomics works much like Bernankenomics. In every case, looser monetary policies and tighter fiscal policies have generated more wealth for the 1 percent while working stiffs take it in the stern sheets. It all amounts to the same thing: Ferraris for the rich and bupkis for everyone else.