US wealth, income concentration resume upward climb in post-pandemic era

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BidenPresident

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WASHINGTON, Oct 9 (Reuters) - The richest Americans are emerging from the coronavirus pandemic with their share of wealth and income on the rise again despite some thought that the tight job market and hefty wage gains spawned by the crisis might narrow the gulf between rich and poor.

Recent data from the Federal Reserve shows the top 1% of households by income held roughly 26.5% of household net worth at the end of June, up about 1.5 percentage points since 2019, the year before the pandemic bounced the economy between recession, massive government stimulus and high inflation.

https://www.reuters.com/world/us/us...me-upward-climb-post-pandemic-era-2023-10-09/
 
BidenPresident said:
WASHINGTON, Oct 9 (Reuters) - The richest Americans are emerging from the coronavirus pandemic with their share of wealth and income on the rise again despite some thought that the tight job market and hefty wage gains spawned by the crisis might narrow the gulf between rich and poor.

Recent data from the Federal Reserve shows the top 1% of households by income held roughly 26.5% of household net worth at the end of June, up about 1.5 percentage points since 2019, the year before the pandemic bounced the economy between recession, massive government stimulus and high inflation.

https://www.reuters.com/world/us/us...me-upward-climb-post-pandemic-era-2023-10-09/
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Why would you expect anything different?
 
T. A. Gardner said:
The rich, energetic, and smart get richer, the stupid and lazy get poorer. Seems right to me...
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Of course someone as superficial as you would think that. The fact that the wealthy use their financial power to escape responsibility for what they do wrong and to avoid paying their share of taxes means nothing to you. Our wealth gap is worse than the Gilded Age. A severe gap is perilous to the nation. Eventually, the torches and pitchforks come out. It is the fuel of revolutions.
The middle class has been hollowed out and the money grab by those on top continues. The masses work a lot harder than those on top.
 
Nordberg said:
Of course someone as superficial as you would think that. The fact that the wealthy use their financial power to escape responsibility for what they do wrong and to avoid paying their share of taxes means nothing to you. Our wealth gap is worse than the Gilded Age. A severe gap is perilous to the nation. Eventually, the torches and pitchforks come out. It is the fuel of revolutions.
The middle class has been hollowed out and the money grab by those on top continues. The masses work a lot harder than those on top.
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What is the wealthy's "fair share of taxes?" How much is "fair?"
 
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