Tuesday, March 09, 2010

Maybe the Fundamentals of the Economy ARE Strong, After All

The millionaires’ club in the U.S. grew by 16 percent in 2009, following a 27 percent decline in 2008.

Families with a net worth of at least $1 million, excluding primary residences, rose to 7.8 million in 2009, an increase from 6.7 million a year earlier, according to a survey of high- net-worth U.S. households conducted by Spectrem Group.

“With the markets trending upwards, we expected an increase,” George H. Walper Jr., president of Spectrem Group, said in a telephone interview.
What are you doing with your million? Me, I'm upgrading from those Budget Gourmet frozen dinners to the Stouffers. They're just tastier, you know? Oh and new socks! And the rest I'm investing in any insurance or oil company that turned a profit last year... why look, it's all of 'em!


While the number of American multimillionaires rose last year, Americans continued to suffer from the Great Recession. The unemployment rate reached double digits, millions of Americans lost their homes, and wages for most workers stagnated. The United States is unique among industrialized countries in its enormous income inequality. Data from the U.S. Department of Labor shows that if income inequality continues to rise at the current rate, the income gap in the United States “will resemble that of Mexico by year 2043.”
At which point the illegal immigration problem will finally be solved.

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