Workers Lose Out As The Rich Get Richer

The above chart shows just what has happened to family wealth and income since 2007. The net worth of American families (except for the rich) has sharply nosedived -- going from $126,400 in 2007 to only $77,300 in 2010 (a drop of $49,100 or 38.85%). Small investors in the stock market lost most or all of their investments in the 2008 crash, and very little of it has been recovered. In addition, home equities have disappeared and foreclosures have skyrocketed -- and the millions of unemployed have had to deplete any savings they had accumulated. These factors have combined to seriously reduce the wealth of ordinary Americans.

And the income of Americans hasn't fared much better. While it did not drop as sharply as wealth has, it did drop significantly. In 2007 the median income dropped from $49,600 to $45,800 in 2010 (a drop of $3,800 a year, or about 7.66%). And the wages are still dropping. Last year, the wages of both men and women dropped another 2.5%. But that doesn't tell the whole story. We must remember that the incomes of the richest Americans are figured into the median income figures -- so the drop of 7.66% between 2007 and 2010, and the drop of another 2.5% last year were actually worse than that for middle and working class workers (since the rise in income of the richest Americans skewed the percentages and made them look better than they actually were).

But while ordinary American workers are seeing a drop in wages, the rich are doing very well. In just the last year alone, the net worth of the richest people in this country grew by an astounding 13%. That's an extra $1.7 trillion they now have in their bank accounts -- and yes, I said trillion with a "t". And these are the same people the Republicans want to give another massive tax cut.

Remember, the tax cut proposals by Willard Mitt Romney (aka Wall Street Willie) would give the rich huge new tax cuts -- and pay for it by raising taxes on the middle class (the same people already experiencing a drop in wealth and income) and cutting programs that help the poor, the elderly, the disabled, and children. Looking at the above figures, do you think it is the rich that need more government help through tax cuts? Are they the people hurting in this sluggish economy?

It's time to stop our government from favoring the rich, and put it back on the path where all Americans can share in the country's economic growth. That can only be done by voting the Republicans out of power, especially in the House of Representatives (where they are blocking efforts to create jobs and lower the deficit). Remember these terrible numbers when you go to the polls in November -- and also remember that the down-ballot voting is just as important as voting for a president.