The Federal reserve has just issued its latest report on net worth in 2001, and the distribution thereof. Not unexpectedly, the tend of wealth concentration continues. The top 10% now has 80.7% of total net worth in the United states, up from 78.9% in '92. The bottom 50% now has 1.3% compared with 1.5% in '92. The top 25% owns 93.9%, compared with in 92.7 in 92; while the bottom 75% owns 6.1% compared with 7.3% in '92.
Net worth, BTW, includes the value of one's home-mortgage. I've read a financial column which said that, for a large number of people, prices in the used car market is the prime market are far more important than stock market prices in determining net worth. So, Bush unvails a plan to focus tax cuts on dividends, thus preferentially cutting the taxes of those who already are the most wealthy. The logical conclusion is that he thinks the trend of concentration of wealth is a good thing. I don't. Does anyone else agree with Bush? Dan M. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
