Rise of the Super-Rich Hits a Sobering Wall

Thursday, August 20, 2009
DAVID LEONHARDT and GERALDINE FABRIKANT, The New York Times,

The rich have been getting richer for so long that the trend has come to seem almost permanent.

They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. The recent news about resurgent Wall Street pay has seemed to suggest that not even the Great Recession could reverse the rise inincome inequality.

But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer getting richer. Over the last two years, they have become poorer. And many may not return to their old levels of wealth and income anytime soon.

Read Full Article

Posted by Editor on 08/20/09 at 05:23 AM • (0) Comments

Tags: taxes, wealthy, rich, john mcafee,