It all adds up to the death of the middle class and the U.S. becoming more like a banana republic, with a significant number of rich and a large number of impoverished.
Excerpt from CNN Money
The rich are still getting richer in the U.S., with the wealthiest 10% controlling three-quarters of all family wealth in the country.
U.S. family wealth totaled $67 trillion in 2013.
But slices of that pie were far from equal, according to a report released Thursday from the Congressional Budget Office.
The top 10% of families — those who had at least $942,000 — held 76% of total wealth. The average amount of wealth in this group was $4 million.
Everyone else in the top 50% of the country accounted for 23% of total wealth, with an average of $316,000 per family.
That leaves just 1% of the total pie for the entire bottom half of the population.
The average held was $36,000 for families that fell in the 26th to 50th percentiles. But if they fell in the bottom quarter, they had zero wealth and in fact, were $13,000 in debt on average, CBO found.
Age and education made a difference in wealth accumulation.
Not surprisingly, wealth was higher for households headed by someone 65 or older. Median wealth for these families was $211,000, or almost three-and-a-half times higher than the median for households run by someone 35 to 49.
Families run by adults with college degrees, meanwhile, had a median wealth of $202,000, or nearly four times that of families headed by someone who only had a high school diploma.
Changes in wealth over time was also very uneven across groups.
Families at the 90th percentile saw their wealth grow by 54% between 1989 and 2013.
Those at the 50th percentile only experienced a 4% rise during the same period.
And those at the 25th percentile actually saw their wealth drop by 6%.