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.
everything degraded in quality while getting more expensive, with the pandemic being used an excuse for all of it, relevant or not. then things went back to normal and quality stayed shitty, because now ‘the numbers’ don’t justify upping the quality
sick sick world
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.
Everybody knows the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That’s how it goes
Everybody knows
– Leonard Cohen (1988)
Fuck
The wealth gap is a national security issue, as repeatedly demonstrated by people like Elon Musk, and Jared Kushner, but also by many billionaire funded conservative think tanks.
Edit: I say conservative think tanks because progressive think tanks tend to be more benevolent in their aims.
And y’know, all those free trips to Russia on the fourth of July that our Republican senators and Congressmen like to take, paid for thru anonymous donations to their PACs of course.
Dark money definitely isn’t used to destabilize our government from operating properly or anything. Which is exactly what the generals warned about when they weighed in right before the SC ruled against their advice on Citizens.
Hmm, I wonder which group was abusing pandemic loans more?
I’m unfortunately getting too old to be of any help, but I firmly believe that you guys are going to have to start taking things back, by force, if you want to stop this insane wealth gap.
Shit, I’m barely under 50 and I remember multiple attempts we tried: Occupational safety in the 70s; Jimmy Carter’s Labor Reform; Expanding women’s right to work anywhere 70s/80s; Family Medical Leave Act and Americans with Disabilities Act were all in my lifetime.
While those all are not directly related to income inequalities, they’re still relevant as rights the rich solely had, but didn’t want to share en-masse.
Those who make peaceful revolution impossible will make violent revolution inevitable
- John F. Kennedy
“Those who cannot remember the past are condemned to repeat it”
- George Santayana
FACT: There is no current nor past society with income equality.
Perhaps it’s time to quit trying the same ways of fighting for equality the exact same ways we have been for the past 9,000 years and try something different.
You ain’t gotta go back 9,000 years to find we fought for equality differently.
Just 240 years ago we made the great leap to the guillotine because we got tired of the old way - an axe.
:o
In today’s edition of Water-Is-Wet news!
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
What else is new?
