According to a UC-Berkeley labor economist, the combined wealth of the half-dozen Walton relatives of Wal-Mart founders Sam and James Walton equals the entire net worth of the lowest 30% of Americans. The academic's study was reported in today's online editions of the LA Times.
Ironically, it is the lowest income echelons of American society that tends to shop at Wal-Mart.
By the way, the same LA Times blog noted that, according to the Federal Reserve, household net worth fell 4% from July 2011 to this past September.
Given this bleak news, does anyone still assert that this is a December to remember?
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