Here's the proof for prior post: The number of millionaires jumped 8% to 8.4 million in 2010. The number of "super millionaires", those with a net worth over 5 million, also jumped 8%. This is on top of a 16% jump in 2009. That makes a 24% increase in the total number of millionaires in the last 2 years, while the actual unemployment rate has hovered around 16%.
A note about an individuals net worth: The largest chunk of the average Americans net worth is the equity in their home. And as you all know, home values have dropped precipitously the last 3 years. In fact, many, many people today owe more on their home than it is now worth. Making the above figures even more astounding.
And it's not just the unemployed/underemployed who are suffering. The majority of people still working are lucky if they haven't had to take pay cuts. At the least, just about everyone I know say their workload has increased drastically because they have to do the work of laid off or not replaced workers. With no corresponding increase in their wages. Of course the business owners/shareholders are making more, they're getting more work for the same pay. Take the new Harley CEO, for example. His total compensation last year was over $6 million. Harley profits were up by $150 million. How did he do it? Laid off 1800 workers and made the rest of them take a pay cut. These people are no better than crooks.
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