Wealth Concentration for the Top 1% is at Worst Level Since 1929
NEW YORK (MainStreet) President Obama addressed the nation yesterday on economic progress. The President began his speech revisiting 2008 and the state the economy was in when he took office. He spoke about putting people back to work, jump starting credit and rescuing the American auto industry.
Despite the gloom that's still pervading our national economic noosphere, the Bureau of Labor Statistics reports the United States has experienced 42 straight months of job growth. However, it is mysterious where this job growth may or may not be.
Below is a chart based on statistics from the Census Bureau that shows the landscape of where these jobs are among American males:
Salary Bracket: 2005/2011
- $1 to $2,499 or less: 4,661,393 / 4,934,012
- $45,000 to $49,999: 3,761,994 / 3,403,805
- $50,000 to 54,999: 4,371,577 / 4,211,002
- $55,000 to $64,999: 5,352,088 / 5,405,314
- $65,000 to $74,999: 3,798,638 / 3,987,309
- $75,000 to $99,999: 5,434,701 / 6,276,332
- $100,000 or more: 6,914,177 / 8,951,645
The middle class is shrinking within the United States; however, it is growing throughout the global economy in countries like China and India. President Obama spoke about the creation of more ladders of opportunity, and the necessity for the American economy to grow at a faster more robust rate.
Michael Farr, president of Farr, Miler & Washington and author of Restoring Our American Dream: The Best Investment wants to see concrete results.
"The political rhetoric in Washington is typically fabulous, but too often formed without substance," he said. "We know the participation rate of the workforce is falling. Fewer Americans are indeed employed. We do not have a robust employment rate. Earnings and wages on an inflation adjusted basis are the same as they were in 1995."
The President was focused on the removal the sequester in order to create more job growth. Farr commented, "This is the first volley in what will become a heated emotional debate," he said, as the Occupy Wall St. protesters gather today to represent the 99% and protest wealth inequality. "There is a huge concentration of wealth in a small population. We have not seen this concentration of wealth in 1% of the population in any of other time in the country's history since 1929."
--Written by Leigh Held for MainStreet