Chart of the Day: The Horrible Toll of the Recession on the Poor


When we talk about rising income inequality, we usually talk about the skyrocketing pay of the top 1 percent. And that’s quite proper, since that’s the main driver of increasing inequality.

But new census data shows that when it comes to net worth—which is basically total wealth—the biggest change has been at the bottom. Even after taking some lumps immediately after the recession, the well-off had recovered and even made some gains by 2011. But the poor have been devastated. Their median net worth has always been pretty close to zero, but by 2011 it had plummeted to $-6,029. On average, poor families were in the hole to the tune of $6,000, an astronomical and completely debilitating number to someone with barely poverty-level earnings.

In other words, when it comes to wealth, the rich really are getting richer, and the poor really are getting poorer. A lot poorer.

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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