The American economy is yet to recover from the recession with millions of people still jobless to date. Major corporations are also on a heyday, cutting jobs in recent months. However, statistics show that America’s actual problem may not be the lack of money but rather its uneven distribution.
Mint’s infographic called “Where’s the Money In America?” outlines this ridiculous wealth distribution. The top 1 percent of households own a whopping 34.6 percent of all privately held wealth. The next 19 percent (managerial/professional/small businesses) holds 50.5 percent. And the remaining wealth of 14.9 percent is what the bottom 80 percent (wage/salary workers) are left to distribute amongst themselves.
On top of this outrageously mind-blowing allotment, the bottom 90 percent holds 73.4 percent of total consumer debt, while the incredibly rich 10 percent only accounts for 26.6 percent. Statistics also show that while a lot of people out there are still on the hunt for jobs, the number of millionaires in the US increased to 572,000, which is 1.5 percent of the total population.
Daydreaming of $1.3 trillion
Just thinking about the uneven distribution of wealth makes you feel robbed, I know. But don’t be depressed. Imagine you have $1.3 trillion to spend. Yes, let’s all just daydream about the things that are too good to be true. This infographic from creditloan.com called “Visualizing 1.3 Trillion Dollars” will give you an idea of the spending power behind all that cash.
It can provide 3 years of public college education for the 14,261,778 American students, with a budget of $7,020 per student per year, in addition to supplying fresh eggs for 43.6 million people by giving them each 2 hens and 20 pounds of feed. And there’d still be enough to cover BP’s reported clean expenditures, if that helps to put things into perspective.
Now back to reality. America doesn’t have a trillion dollars in its reserve. That’s actually the amount of the country’s federal deficit for 2010. How it’s going to be paid is still a mystery.
Where does all the money go?
In this harsh economic downturn, people should know where their money is going. This “Where Does the Money Go?” infographic visualizes the average annual expenditures and characteristics of all consumer units. In order to reduce expenses, be sure to regularly check your credit card. Studies show that an average consumer credit card has $7,000 in debt. You may also want to avoid the unnecessary outliers, since they will eventually eat you alive sooner or later. And as much as you can, avoid your obsessive-compulsive shopping behavior. If you think you really need help on that one, seek out non-profit credit counselors.