But the income gains were largest among the highest-earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years.
Median net worth rose sharply for all ethnic and income groups, the survey showed, though the lowest-earning 20% of households fared the worst, with a 2% decline on average over the period versus double-digit increases for all other income groups.
The survey showed other stark contrasts. While Black households saw their median income fall by 2% - versus a 3% rise for all families - their median net worth shot up by 60% to outpace all other racial and ethnic groups during those three years, when major government stimulus efforts bolstered lower-income households.
Still, Black households had the lowest median net worth at about $45,000, 27% below the next lowest, Hispanics, at about $62,000. By contrast, median household net worth for white families was $285,000 and for Asians - measured on their own for the first time in this year’s survey - was $536,000.
I nearly doubled my income ($13/hr to $24/hr) from the beginning of the pandemic, and I don’t feel like it made any difference. I’m still one emergency or missed paycheck from destitution.
I make more money now than I ever have in my life, I’m still living in a tiny apt that I pay nearly 2k a month for and have virtually no savings or room for it because of some debt I racked up when unemployed last year
I’m the end you’ll get sick, lose your insurance, and the government will require you to sell off everything you own before Medicare will pick up the tab.
In other words, get used to that feeling.
They said it out loud at Davos a couple years ago. “You’ll own nothing - and be happy”
We don’t own anything. We just rent it, and if they can force you to liquidate it for medicine, than the only freedom your entire life bought you was the freedom to choose death over extortion.
Murica.