Here’s the long and the short of it from the Federal Reserve’s Survey of Consumer Finances as summarized by The Wall Street Journal. These data are pre-Wuhan Virus-related shutdowns, but there’s no reason to expect different outcomes as we reopen, at least in those non-Progressive-Democrat jurisdictions are actually opening.
“[F]amilies at the top of the income and wealth distributions experienced very little, if any, growth” in net worth between 2016 and 2019 “after experiencing large gains between 2013 and 2016,” while “families near the bottom of the income and wealth distributions generally continued to experience substantial gains.”
The Progressive-Democrat-hated 1% made out like bandits, at least relative to our poor, during the last three years of Progressive-Democrat government. It was under the Trump administration that our poor started gaining income and wealth and narrowing the wealth gap.
That improvement was across demographics, too.
Net worth (assets minus debt) increased 32.5% among the lowest income quintile and 30.7% among the second lowest, while declining modestly for the upper crust. … Net worth also increased among blacks (32.1%) and Hispanics (63.6%) compared to whites (4%).