Join our growing community to challenge mainstream media bias and fix the news
US household wealth hits record high despite slowdown in economy

US household wealth hits record high despite slowdown in economy

US household wealth touched a record high last quarter as the stock market quickly recovered from a pandemic-induced plunge in March. The Federal Reserve said households’ net worth jumped nearly 7% in the April-June quarter to $119 trillion. However, the gains mainly went to the affluent households. This comes at a time when millions of Americans have lost their jobs or saw their incomes shrink.

Simone
Simone
is it 2021 yet?
is it 2021 yet? 0 months

The richest one-tenth of Americans owned more than two-thirds of the nation's wealth, according to Fed data through the end of March, the latest period for which data are available. The top 1% owned 31%. But don’t worry the wealth will trickle down just like Republicans and Reagan said it will, just wait another 40 years. It’s just a slow trickle, I’m sure it’s coming soon!

Slevin Kelevra
Slevin Kelevra 0 months

Is it 2021.....you forgot to mention that that same richest 10% pays 70% of the nation's income tax. I wonder why you neglected to mention that.

RD
RD 0 months

We just need to get everything opened up, we don't need another stimulus

Jon
Jon 0 months

Sooooo mass lockdowns hurt the poor and helped the rich? And which political faction supports indefinite lockdowns?

Miguel
Miguel 0 months

Yea no shit the government gave billions to the wealthy.

Tish Tosh
Tish Tosh 0 months

because of mass WFH orders, people are moving out of expensive city apartments and going to the burbs to live with family. When you add a 3rd or 4th income to a household, and reduce the total number of households, household income increases. When people stop paying exorbitant costs of living in cities, they save more, and so net worth increases too. Basic economic principles here.

Paolo
Paolo 0 months

New gilded age

ken taro
ken taro 0 months

Widen the gap!

Doug
Doug 0 months

1% doing great, 99% suffering

oscar g
oscar g 0 months

Thanks Trump

mantico
mantico 0 months

Very skewed statistics in a particular direction. Yet it doesn’t talk about the ~22 million people unemployed and about to be evicted in January 1st. Some great economy that is

Igmu_TL
Igmu_TL 0 months

They aren't as rich as you think as they don't report all their liabilities.

John
John 0 months

The keyword here being affluent American households

Mohamed
Mohamed 0 months

Is this a trump propaganda for the coming election?

Top in Business