Which shall it be first? Oh, heck let’s go with the bad news, because that will make the good news all the more impressive:
WASHINGTON — Unemployment rose in 30 states in January, the Labor Department said Wednesday, evidence that jobs remain scarce in most regions of the country.
The data is somewhat better than December, when 43 states reported higher unemployment rates, but worse than November, when rates fell in most states.
Still, five states reported record-high joblessness in January: California, at 12.5 percent; South Carolina, 12.6 percent; Florida, 11.9 percent; North Carolina, 11.1 percent; and Georgia, 10.4 percent.
Bummer. Record unemployment in an “economic recovery” is not exactly what most of us want to hear. But don’t worry, there’s still the good news to be shared (figuratively speaking) with you poor unemployed people:
It was a good year to be rich. Or ultra-rich, for that matter.
The number of U.S. households with a net worth of $1 million or more — excluding wealth derived from a primary residence — grew 16 percent last year, according to a new report by the Spectrem Group, a Chicago-based consulting firm. After a 27 percent decline in the number of millionaire households in 2008, the ranks of U.S. millionaires swelled to 7.8 million last year.
And it was an even better year to be an “Ultra High Net Worth Individual,” defined as someone with a net worth of $5 million or more. That population grew 17 percent in 2009 to 980,000.
“The nation’s millionaires — together with its Ultra High Net Worth households — are bouncing back from the recession. Following a sharp decline in 2008, both groups saw their numbers advance nicely in 2009, with the U.S. millionaire population rising to 7.8 million. While still well short of its all-time high of 9.2 million in 2007, this year’s growth in the millionaire population is nevertheless welcome news for an economy still working to recover,” said George H. Walper, Jr., president of Spectrem Group in a statement.
Welcome news, indeed. Rich people are on the road to more wealth, even if a lot of middle class folks are on their way to the poorhouse. Well there’s always winners and losers in any game, right?
So you see, we aren’t experiencing a “jobless recovery” so much as we are in the middle of a rich person’s recovery. And isn’t that more important in the long run? One more chance for St. Ronald of Reagan’s “trickle down” economics to show its stuff! So Hip-Hip-Hurray!!! for the Millionaires Club. Life is good!
As for the rest of you losers, better luck at the casino we call the United States of America next year. Just remember when you place your bets (assuming you have any money to bet, that is) that the house always wins, and in America that means especially those houses which already have pocketed millions of dollars.
