The Briefing Room

General Category => Economy/Business => Topic started by: libertybele on July 28, 2021, 12:36:34 am

Title: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: libertybele on July 28, 2021, 12:36:34 am
U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich

Rising stocks and financial assets helped U.S. household wealth grow by $19 trillion during the pandemic to $137 trillion, but wealth inequality has gotten worse, according to a new report.

That means American household net worth increased 16% from the end of the fourth quarter of 2019 through the first quarter of 2021, marking the largest 15-month stretch of gains since 2004, according to Oxford Economics.

But more than 90% of the gains in households’ holdings of real estate, equities and mutual funds in that stretch “reflect price appreciation, with the small remaining balance coming from new investments,” economists Nancy Vanden Houten and Gregory Daco at Oxford Economics wrote, in a Tuesday note.

In other words, those who owned assets going into the crisis benefited the most.

“Those in the top 1% of the income distribution saw their wealth increase 23%, while those in the bottom income quintile experienced only a 2.5% gain in net worth,” the team wrote.

A similar pattern in U.S. savings has occurred, with more than 80% of the $2.6 trillion in excess savings residing with those in the nation’s top two income brackets. ...................

https://www.marketwatch.com/story/u-s-wealth-grew-by-19-trillion-during-the-pandemic-but-mostly-for-the-very-rich-11627428603?mod=home-page
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: jmyrlefuller on July 28, 2021, 01:18:21 am
This is why socialism is so tantalizing.

Every liberal policy ends up enriching the very people that need it least, because they've gamed the system. Short of eating the rich, which obviously is only a short term solution, that's the way it will always be.

We haven't had truly conservative policy in government since Calvin Coolidge.
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: catfish1957 on July 28, 2021, 05:09:10 pm
This is why socialism is so tantalizing.

Every liberal policy ends up enriching the very people that need it least, because they've gamed the system. Short of eating the rich, which obviously is only a short term solution, that's the way it will always be.

We haven't had truly conservative policy in government since Calvin Coolidge.

This huge increase is a mirage.  No one believes that the markets are sustainable at their current levels.
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: Cyber Liberty on July 28, 2021, 10:20:49 pm
The best solution woul be to kill the Rich, confiscate their estates, and pull out their gold fillings before cremating them in the camps.
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: skeeter on July 28, 2021, 10:23:17 pm
The pandemic was great - Bezos become fabulously wealthy. Even by his previous standard.

Conservatives, stop carrying water for the bastards. They are not our friends.
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: Hoodat on July 28, 2021, 10:33:15 pm
The best solution woul be to kill the Rich, confiscate their estates, and pull out their gold fillings before cremating them in the camps.

Shhhhhh, don't give them any ideas.
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: IsailedawayfromFR on July 31, 2021, 09:37:45 pm
This huge increase is a mirage.  No one believes that the markets are sustainable at their current levels.
Neither is currency when it devaluates.

Both are wealth only on paper which means they can be brought down by inflation and/or government dictate.

One dictate is to increase taxes as so much your 'wealth' is in untaxed 401ks and IRAs and so it increasingly becomes less valuable to the owner.
Title: Re: U.S. wealth grew by $19 trillion during the pandemic — but mostly for the very rich
Post by: DB on July 31, 2021, 09:43:50 pm
Those assets increased only because the value of the dollar decreased.

What a crap fest.