Blog ››› ››› REMINGTON SHEPARD
Fox broke from its usual narrative by reporting that over the last 43 years the net worth of the wealthy has "skyrocketed," pointing to this as a rationale for President Obama's call to allow past tax cuts for the wealthy to expire. Previously, Fox has manufactured the notion of a high tax burden on the wealthiest Americans, in order to attack Obama for wanting to let these cuts expire.
During a Fox & Friends Sunday segment co-host Clayton Morris attempted to use a study on household net worth to attack President Obama's plan to end the Bush-era tax cuts on the wealthy. But during the segment, co-host Alisyn Camerota, citing the study, reported that median net worth is the "lowest it has been in decades" but for "the top 1 percent, the net worth has skyrocketed" going up 71 percent during the period analyzed. Camerota noted that the discrepancy in net worth is one reason that Obama has proposed returning the top marginal tax rates for high-income earners to their previous level.
Indeed, a study by New York University economics professor Edward Wolff found that the net worth of American households has fallen to a 43-year low. CBS reported that Wolff found that while the median net worth of American households had fallen to $57,000 because "the lower and middle classes appear poorer and less stable," the "wealthiest 1 percent of American households increased their average wealth by 71 percent" during the same period.