It also means that just 10% of the US population owns roughly $93 trillion of all US assets, while half of the US population has virtually no wealth, and if anything it is deeply in debt.
As the chart below shows, nobody has experienced the same cumulative growth in after-tax income as the “Top 1%” The above is particularly topical at a time when either party is trying to take credit for the US recovery.
As the chart below shows, America's poor families have never been more in debt.
By 2013, in the aftermath of the recession of 2007 to 2009, 12 percent of families were in debt and, on average, their debt exceeded their assets by $32,000.
In 2007, 3 percent of families in debt had negative home equity: They owed, on average, $16,000 more than their homes were worth.