How the last decade created a brutal wealth divide

The recession/depression increased

http://www.cbsnews.com/news/how-the-last-decade-created-a-brutal-wealth-divide/

ByAimee PicchiMoneyWatchAugust 21, 2014

Many Americans are skeptical when it comes to hearing that the U.S. economy is on the mend, and new federal data helps explain why.

A look at the country's financial health finds many ended 2011 in worse shape than they were in 2000, thanks to a nearly 7 percent decline in median household wealth, or a loss of $5,056, the U.S. Census Bureau reported Thursday. But not everyone suffered equally: The richest Americans actually gained assets, while the poorest Americans suffered losses.

"The result was a widening wealth gap between those at the top and those in the middle and bottom of the net worth distribution," the Census said in a statement.

Household net worth is a closely watch measure of economic well-being, and a decline in wealth goes a long way toward explaining why so many middle- and working-class Americans feel generally gloomy about their prospects. The median American household held assets -- including financial investments, real estate and retirement accounts -- of $68,828 in 2011, down from $73,874 in 2000.

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