If the trend continues, middle income and low income americans are going to end up in the poor house. These recent statistics from the federal government are of concern.
America's middle class holds only 8% of all wealth, approximately 12.5 trillion, while the top 1% holds 38.7 trillion.
Back before the Reagan administration the american middle class owned 61% of the wealth. The new administration wants to cut taxes on the wealthy by 1 trillion partially
paid for by 490 billion in cuts to social security and medicare.
Presently the richest 1% of americans hold 31% of the nations wealth. The bottom 50% hold just 2.4% of total wealth. The net worth of fully half of the U.S. population
is just a tiny fraction of the net worth of the top 1%.
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