Wednesday, September 28, 2022

Inequality in the USA Once Again

 The nonpartisan Congressional Budget Office (CBO) on Tuesday published Trends in the Distribution of Family Wealth, 1989 to 2019, a report revealing that while the total real wealth of U.S. families tripled over those 30 years, the growth was dramatically unequal.

Families in the top 10% and in the top 1% of the distribution, in particular, saw their share of total wealth rise over the period," the report notes.

In 2019, families in the top 10% of the distribution held 72% of total wealth.

Families in the top 1% of the distribution held more than one-third.

Families in the bottom half of the distribution held only 2% of total wealth.

In 2019, white families' median wealth was 6.5 times that of Black families, 5.5 times that of Hispanic families, and 2.7 times that of Asian and other families.

By 2019, student loan debt was the largest component of total debt for families in the bottom 25%—more than their mortgage and credit card debt combined. Among Americans age 35 or younger, 60% of their debt burden was due to student loans.

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