Sadly accurate; alas Charlie Brooker is giving too much credence to the presence of facts in news reports.
The Article: The Rich Have Gained $5.6 Trillion in the ‘Recovery,’ While the Rest of Us Have Lost $669 Billion by Les Leopold in AlterNet.
The Text: Oh, are we getting ripped off. And now we’ve got the data to prove it. From 2009 to 2011, the richest 8 million families (the top 7%) on average saw their wealth rise from $1.7 million to $2.5 million each. Meanwhile the rest of us — the bottom 93% (that’s 111 million families) — suffered on average a decline of $6,000 each.
Do the math and you’ll discover that the top 7% gained a whopping $5.6 trillion in net worth (assets minus liabilities) while the rest of lost $669 billion. Their wealth went up by 28% while ours went down by 4 percent.
It’s as if the entire economic recovery is going into the pockets of the rich. And that’s no accident. Here’s why.
1. The bailouts went to Wall Street, not to Main Street.