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, a Federal Reserve survey published Wednesday showed.

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.

  • SoylentBlake@lemm.ee
    5·
    1 year ago

    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.