Basically, the 2022 numbers — which you can see summarized in the Fed’s report — tell a really encouraging story. In a nutshell: Americans’ wealth is way up since before the pandemic. The increase is very even across the board, with people at the bottom of the distribution gaining proportionally more than people at the top. Inequality
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Basically, the 2022 numbers — which you can see summarized in the Fed’s report — tell a really encouraging story. In a nutshell:
Americans’ wealth is way up since before the pandemic.
The increase is very even across the board, with people at the bottom of the distribution gaining proportionally more than people at the top.
Inequality is down, including racial inequality, educational inequality, urban-rural inequality, overall wealth inequality.
Debt is much less of a problem.
There’s even some surprising good news about income as well as wealth.
In other words, a rising tide is lifting all boats. I know it can be tough to believe that, with all the doom and gloom you see in the media, but the numbers speak for themselves. And just so you know, all the numbers I give in this post are adjusted for inflation, so don’t worry about that.
And this:
And a big reason that the wealth of the bottom 25% went up so much is that Americans are slowly getting out of debt. The debt-to-income ratio has fallen pretty steadily since 2010…
Here is more from Noah Smith.
The post U.S.A. facts of the day appeared first on Marginal REVOLUTION.
Current Affairs, Economics