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“American families on average saw large gains in income and wealth from 2019 to 2022 and households became less fragile during a period marked by the severe disruptions of the COVID-19 pandemic and massive subsequent government spending,” Reuters wrote of a Federal Reserve Survey in October 2023.
These gains were largest amongst the already highest-earning families, and fastest amongst white families. Median net worth did rise sharply for all income and ethnic groups between 2019 and 2022, but the lowest-earning households saw the smallest gains. (TAKE A POLL: What Is the Most Pressing Political Issue Facing Our Country Today?)
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,” Reuters continued. (TAKE A POLL: Are You Concerned About the National Debt and Its Implications For Future Generations?)
“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.”
Education Plays A Role
Households with a college-educated head of family saw incomes increase, whereas those with just a high school diploma saw no difference. However, those with a higher education degree were more likely to be in debt, so maybe this balances out a little. (TAKE A POLL: Do You Support the Idea of a Four-Day Workweek to Enhance Work-Life Balance?)
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