Posted June 30, 2008 at 7:30 am, in From the USW International President
By Leo W. Gerard
Rich get richer
After a year in which the majority of Americans suffered the effects of recession, including tens of thousands who lost jobs because of rising unemployment, hundreds of thousands who lost homes in the subprime mortgage crisis and millions who lost their shirts because of unrelenting gas price hikes, Merrill Lynch & Co. informed us last week that, by contrast, the rich still got richer.
Merrill found that the number of dollars in millionaires’ bank accounts grew faster than the number of millionaires did, a trend expected to continue. The average wealth of the world’s richest was more than $4 million, the highest it has ever been, according to Merrill. They’re an elite club — one-fifth of one percent of the globe’s 6.7 billion people. (more…)