Since 1989, The Top 1% Gained $21T In Wealth. The Bottom 50% Lost $900B.
A data series recently released by the Federal Reserve has shown that over the past 30 years the top one percent of Americans have gained $21 trillion in assets while the bottom 50% have lost $900 billion.
Matt Bruenig, founder of the left-leaning think tank People’s Policy Project, asserted that the bottom 50%’s loss of wealth has left them mired in debt, according to an article from Common Dreams.
“the top one percent owns nearly $30 trillion of assets while the bottom half owns less than nothing, meaning they have more debts than they have assets,” said Bruenig.
Representative Pramila Jayapal (D-Wash), co-chair of the Congressional Progressive Caucus, was dismayed at findings presented from the “Distributive Financial Accounts” data series.
“We have the worst inequality in this country since the 1920s…Three wealthiest people in America have as much wealth as the bottom 50 percent,” said Jayapal.
This newly released pool of data represents the current state of wealth inequality in America and the implications it has for future Americans as wealthy Americans continue to accrue assets and low net worth Americans continue to lose wealth.