For the Rich, the Great Recession Was Just a Blip

Matt Yglesias points us to the latest Federal Reserve calculations of net worth, and as usual, we can say that the post-Reagan era has been a great time to be rich in America. Here’s the net worth of the top 1 percent:

That’s an increase of more than 4 percent per year above and beyond inflation. The upper middle class has done OK during the same period, increasing its net worth by about 2 percent per year.

And the bottom 50 percent? Their net worth has declined. The basic story is that they didn’t have much to begin with and they lost it all during the housing bust. Literally, they lost it all: their collective net worth hit zero. They’ve been building their net worth back since then, but they still haven’t reached the level they were at in 1990, let alone surpassed it.

And the other income groups? They all lost a bit during the housing bust but made it back within three years. They’ve been building ever since, and at such a fast rate that the recession is now just a blip in the rear-view mirror.

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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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