Monterey, CA Wealth Divide Continues In America

View From A Non-Profit Serving Carmel, Carmel Valley, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California

The divide between the rich and the poor continues to widen.  The wealth of the average American reached its highest level ever last year, with the net worth of all U.S. households and non-profit organizations jumping 14% ($10 trillion) to $80.7 trillion, according to the Federal Reserve Bank.  "Wealth inequality has increased over time," said William Emmons, an economist at the Federal Reserve Bank of St. Louis.  "So there seems to be a disconnect.  There are big wealth gains, but not much following through on consumer spending," he said.  This is due largely to the fact that the gains last year mostly came from the stock market, which disproportionately benefitted wealthy Americans.  Monterey County is one of the most expensive places in the nation, and many retired seniors are still suffering after the last recession.