The Second Great Depression has taken a small toll on the world's rich. The population of individuals with at least $1 million in investable assets fell by 14.9%. But as the bar chart shows the United States still has by far the most wealthy people. Fine art auction sales in the US are down $1 billion from 2007 and US sales of Lamborghinis dropped 21% last year.
For the rest of us the news is not so good. Job losses are nearly three times as much as the average downturn. Job losses mean fewer families that can afford to buy a home, more foreclosures, and more delinquencies all of which puts downward pressure on house sales. Its not hard to understand why Progressives are pressing conservative Demos to support social change. What is hard to understand is why 44, who ran on a reform platform, criticizes them for applying the pressure. To use his words, "It's not logical."
