The financial scam of the century – In 2010 we added 600,000 millionaires while 5,000,000 people were added to the food stamp program. Wealthy derive profits from stocks while middle class hold most of their net worth in housing.

Part of the discontent roaming across America is that the economic recovery is targeted to a small portion of the population.  This part of the population controls most of the mainstream media channels so the working and middle class are wondering why isn’t the fact that food, college, health care, or many other day to day items with price increases fails to grace the media agenda? 

Have you ever heard the words “median household income” or “average income” grace the daily news tube?  The problem of course is that some are doing extremely well in our economy.  In fact the number of millionaires in the United States soared once again last year.  The number of millionaire households jumped to 8.4 million in 2010 increasing by 600,000 last year.  Now to contrast this rise in millionaires in 2010 we added 5,000,000 Americans to the national food stamp program. 

The income inequality gap is only getting more pronounced here.  A rising sea is not lifting all ships because many of the reasons for wealth building (i.e., corporations cutting costs to boost profits) directly impacts the working and middle class who own very little in stock.  Yet the stock market going up over 100 percent from the March 2009 lows has helped the top 1 percent that control 42 percent of all financial wealth.

Millionaires grow with stock market

Source:  Wall Street Journal
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