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Federal Reserve reports US Household Net Worth reached a record $85.7 trillion

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National debt-$17.5T-roughly equals annual GDP, but the value of households far exceeds both at a record $85.7T. While gov't debt soared during the crisis, and corporate and household debt fell, now the situation has nearly reversed with business debt increasing faster than household or gov't debt. 
The top 10% owns 77% of net worth and the top 1% owns 35%.  The top 0.1% has net household wealth exceeding the bottom 90% - something not seen since the roaring 1920s, and that ended with the Great Depression.
'Gentle' solutions to such destructive wealth inequity include Federal debt-free money for public works, collection of the socially created economic rent, and better management of state and local assets through public banks and ending financial asset hoarding - but few politicians or those running for office seem aware of them.

Read the rest of the story HERE:

At nextbigfuture.com

 

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Scott Baker Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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