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Poor Americans must feel like donkeys when they read the most recent Federal Reserve Flow of Funds report.
American households have $82 trillion in overall wealth … but the top 1% of the US population has grabbed $32.6 trillion of that.
One trillion is equal to 1000 billion – $32.6 trillion written out is $32,600,000,000,000.00.
A record number of Americans now toil in poverty and debt – yet it would only cost 0.5% of the 1%’s wealth to eliminate poverty in the US.
If the $82 trillion in overall wealth were spread out evenly, every US household would now have $712k.
However, as of the end of 2013, the median household only had $56k in wealth.
From 2007 – 2013, overall American wealth increased 26%, while the median household lost 43%.
If median wealth continues to decline at this rate in America, then over 50% of US households will be bankrupt within the next decade.
More at: http://www.alternet.org/economy/how-ultra-rich-01-have-sucked-even-more-americas-wealth-you-think