New York Magazine – The Intelligencer: “…The Federal Reserve just released some data that makes the state of this alignment easier to gauge. In its new Distributive Financial Accounts data series, the central bank offers a granular picture of how American capitalism has been distributing the gains of economic growth over the past three decades. Matt Bruenig of the People’s Policy Project took the Fed’s data and calculated how much the respective net worth of America’s top one percent and its bottom 50 percent has changed since 1989.
He found that America’s superrich have grown about $21 trillion richer since Taylor Swift was born, while those in the bottom half of the wealth distribution have grown $900 billion poorer. Notably, this measure of wealth includes liabilities, such as student debt. And it does not include consumer goods, such as computers or refrigerators, as economists do not conventionally view such products as wealth assets. But if one did include the Fed’s data on the distribution of consumer goods, the wealth gap between the top one percent and bottom 50 would actually be even larger…”