Wealth Inequality Worsens
Bloomberg reported that the 50 richest Americans now hold as much wealth as half of the people in the U.S. Wealth inequality has gotten worse. New data from the U.S. Federal Reserve show stark wealth disparities by race, age and class. The top 1% of Americans have a combined net worth of $34.2 trillion. The poorest 50% — about 165 million people — hold just $2.08 trillion.
The 50 richest people in the country are worth $2 trillion, according to the Bloomberg Billionaires Index,. An increase of $339 billion since the beginning of 2020!
Covid-19 has made wealth inequality worse. Job losses fall heavily on low-wage service workers. We all know the virus disproportionately infects and kills people of color.
“The pandemic is further widening divides in wealth and economic mobility,” Fed Chair Jerome Powell warned. The country’s recovery will weaken without more government aid. “A long period of unnecessarily slow progress could continue to exacerbate existing disparities in our economy.”