Monterey, CA Gap Between Rich And Poor Continues To Widen
by Richard Kuehn on 10/20/14
View From A Nonprofit Serving Carmel, Carmel Valley, Gonzalez,
Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas,
Seaside And Soledad California
The stock market has been volatile but is
still near record levels. However, most
of the wealth which has been created since the recession is going to the
top 10% of families in the country. A report
from the Federal Reserve Bank said that the average pretax income for the
wealthiest 10% of U.S. Families rose 10% in 2013 from 2010, but families in the
bottom 40% saw their average inflation-adjusted income drop during the same
period. The report also found that there
was little change in average take-home pay for middle and upper-classed
families. The top 3% of families saw
their share of total income rise to 30.5% in 2013 from 27.7% in 2010 while the
bottom 90% saw their share fall. These
are sad statistics, and with the Social Security Cost of Living Increase (COLA)
expected to be announced on Wednesday at just 1.7% for 2015, the low-income
elderly population is having an extremely difficult time.
Please note that this blog reflects my
personal opinion and may or may not reflect the opinion of Hands to Help
Seniors and the individual members comprising the Board of Governors.
