Yet more evidence there is no “recovery” for most Americans. According to the Federal Reserve Survey of Consumer Finances the rich are siphoning off even more wealth from the country than they were previously. The top 3% now control over 54% of the wealth. Yes, a relative handful of people own more than half of all the wealth in the country.
The Fed also notes that the overall increase in income are not from gains by the middle and lower classes but the immensity of the wealthy’s gains dragging up the average.