America's Inequality Problem Just Improved

[comradebillyboy]

June 13, 2022 at 8:00 am EDT By Taegan Goddard 83 Comments

Bloomberg: “Amid all the gloom of 2022, the most unequal of the world’s leading economies has gotten less so. The poorest half of Americans—the much-discussed but largely powerless US working class—are in the strongest financial position in a generation.”

“The bottom 50%, generally households with net worth of $166,000 or less before the pandemic, now hold a bigger share of the nation’s wealth than they’ve had for 20 years, the Federal Reserve estimates. Their collective net worth, $3.73 trillion, has almost doubled in two years and is more than 10 times higher than in 2011, the nadir after the last recession.”

https://politicalwire.com/2022/06/13/americas-inequality-problem-just-improved/


Way to go Joe!

[bucolic_frolic]

1. Happy statistics due to housing and stock bubbles

Those are out-sized returns for 2 years.

[MichMan]

2. Why is everyone so pessimistic about the economy then?