Senator Bernie Sanders [1] writes that the American Middle Class is being decimated. He cites some interesting numbers. Here’s a couple shockers:
Robert Frank, a Wall Street Journal reporter, has detailed the lives of the rich and famous in the book Richistan. He writes that households with a net worth of between $100 million and $1 billion last year spent an average of $182,000 on watches. Meanwhile, in the real world, 400,000 qualified students were unable to go to college because they lacked the funds.
Frank also details how during this one-year period the economically elite households spent $311,000 on cars, $397,000 on jewelry and $169,000 on spa services. At the same time, President Bush presented a budget in which he proposed cuts that would deny child care to 300,000 families and food stamps for 280,000 families.
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