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Tuesday, October 09, 2007

Inequality

The record-breaking economic boom of the 1990s has left Americans more polarized and debt-ridden,researchers found.
A rising tide has lifted the yachts to tremendous heights, but many Americans are still bailing out their boats after decades of sinking real wages.
Ten years ago, there were 66 billionaires and 31.5 million people living below the poverty line in this country. Today, the United States has 268 billionaires and 34.5 million people living below the official poverty line -- about $13,000 for a three-person family.
In 2007 economic inequality is rampant in America.
The top 1 percent of households has more wealth than the entire bottom 95 percent combined.
The situation is much worse than it was a quarter-century ago: Since 1977, the top 1 percent has doubled its share of the nation's wealth to 40 percent.
Currently, the people on the Forbes 400 list of richest Americans "have about as much wealth as the 50 million households in the bottom half of the population."
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