400 richest in US have greater combined net worth than bottom 150 million

May 9, 2015

"average salary in securities industry in NYC was twice the average in other private sector jobs. In 2010, "it was 5.5 times as much. ($361, 330) in "The Darwin Economy," Robert H. Frank of Cornell University cites a study showing that among 65 industrial nations, the more unequal ones experience slower growth on average. Likewise, individual countries grow more rapidly in periods when income are more equal, and slow down when incomes are skewed." quoting Andrew G. Berg and Jonathan D. Ostry, IMF: The recent economic crisis, with its roots in the U.S. financial markets, have have resulted, in part at least, from the increase in inequality." ... .They say ."equality appears to be an important ingredient in sustaining growth." SOURCE FOR: 400 Americans have more wealth than half of all Americans combined, roughly 150 million. Politifact checked it with both liberal and conservative economists here: http://www.politifact.com/wisconsin/statements/2011/mar/10/michael-moore...

 

Source: Nicholas D. Kristoff, "America's 'Primal Scream'," New York Times, opinion page, October 16, 2011.

Please reload