The Shocking Redistribution of Wealth in the Past Five Years

[hfojvt]

74. it happens to be the only example I have detailed knowledge of

But if a part-time janitor CAN gain wealth over that period, then how is it possible that so much of the rest of the country, many of whom have working spouses and full time jobs. How can they have lost wealth?

Simply compare my income to the upper limit of the bottom 20%

1999 - $14,520 vs. 17,123
2000 - $16,153 vs. 17,911
2001 - $17,464 vs. 17,970
2002 - $15,617 vs. 17,914
2003 - $13,891 vs. 17,981
2004 - $19,704 vs. 18,478
2005 - $24,120 vs. 19,178

For much of the period in question, I made less than 80% of households, often much less. Heck, even in 2005 when I finally got out of the bottom quintile, even then 40% of US households made more than $57,660.

If I CAN save money even at my low income, then how is it that all those higher income households can NOT?

Well, first I don't believe that they are not. I think the author here is being dishonest in combining statistics, as I mentioned.

Second, some on the left are against the CONSUMER lifestyle, but others do not seem to be. Do Americans NOT have enough money, or do they fritter away lots of the money that have on consumer items? Do they willingly buy McMansions and expensive new cars and such?

Granted, people have the choice to do what they want with their own money. What they should not do, or what the author here should not do, is let them complain "I don't have enough money" after they have whizzed away so much of the money they DO have.

I know that the top 10% is taking too much of the pie, but I don't believe that 80% of the country is poor or barely scraping by.