Wealth gap grows – Worries for wealthy

The U.S. increasingly sees itself as a land of “haves” and “have-nots,” a new survey says.

Forty-four percent of Americans responding to a survey by the Pew Research Center for the People and the Press agreed America is split between rich and poor, The Washington Post reported June 22.

That’s up from 39 percent surveyed in a 1999 Gallup survey, and 26 percent in a 1988 Gallup survey.

Fifthy-three percent of Americans in the Pew survey said the U.S. was not divided between haves and have-nots.

The Congressional Budget Office in May released a study that said the income gap between rich and poor widened in the 1980s and 90s, the Post said.

Yet America’s rich seem to worry about their wealth, the Post reported June 21.

U.S. Trust Co. surveyed 151 of the richest Americans – those earning at least $300,000 a year or with at least $3 million in assets.

Nearly three-fourths of those responding reported a drop in their holdings since mid-2000, in come cases significantly, the Post said.

More than half plan to delay big home improvements and cut back on big purchases if the market slump continues.

For full story, go to Pew study and U.S. Trust study.

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