Laura Rowley on Yahoo Finance asked “what’s at the heart of the U.S. savings problem?” According to Ron Wilcox, professor at the Darden School of Business at the University of Virginia, the answer is “the widening gap between rich and poor. The concentration of income among the wealthiest 1 percent of Americans has roughly doubled in the last 30 years. In 2004, for example, the wealthiest 1 percent of Americans enjoyed a 12.5 percent increase in income, while the bottom 99 percent gained only 1.5 percent.”
To read the entire article, click on Double Bind: Savers on the Hook for Squanderers.
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