Video examines Wealth Inequality in America
Poorer not saving money
The mantra of personal finance gurus is "save, save, save!" Yet, statistics, surveys and reports continue to tell us that U.S. consumers still haven't gotten the message. That they continue to save at a much slower rate than people in other industrialized nations. According to Daily Finance, the average American family puts away only about 4 percent of its annual income.
But after watching the video, posted on YouTube by a user calling him or herself "Politizane," one may feel it is a wonder that the average United States consumer is able to save at all, given they have access to such a microscopic slice of the pie.
<strong>More complaints about the gap</strong>
About half of the people living in the nation control half a percent of the stocks, bonds and mutual funds in the country. In fact, the top 1 percent control about half of the total number of securities, according to the video.
Some want to know where the information came from, and the answer consists of an article in the Mother Jones magazine in 2011. The data for that article came from the United States Census Bureau, the Tax Foundation, the federal Reserved, Bureau of Labor Statistics and the New York City Comptroller.
Hoping for change in Congress
Sequester in Congress started on March 1 and is already starting to impact many average people. Congress keeps fighting though they are not affected by the change at all. On top of that, the top 1 percent is not affected or else the bill would have gone through by now. Certainly, legislators do what the top 1 percent wants instead of the general public.
Watch the video. It will take only about six minutes of your time, and it may just blow your mind.
Check out the video