For the Rich, the Great Recession Was Just a Blip

Matt Yglesias points us to the latest Federal Reserve calculations of net worth, and as usual, we can say that the post-Reagan era has been a great time to be rich in America. Here’s the net worth of the top 1 percent:

That’s an increase of more than 4 percent per year above and beyond inflation. The upper middle class has done OK during the same period, increasing its net worth by about 2 percent per year.

And the bottom 50 percent? Their net worth has declined. The basic story is that they didn’t have much to begin with and they lost it all during the housing bust. Literally, they lost it all: their collective net worth hit zero. They’ve been building their net worth back since then, but they still haven’t reached the level they were at in 1990, let alone surpassed it.

And the other income groups? They all lost a bit during the housing bust but made it back within three years. They’ve been building ever since, and at such a fast rate that the recession is now just a blip in the rear-view mirror.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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