by Wolf Richter
Wolf Street
How the “Wealth Effect” benefits Americans individually: Peanuts & extra costs for the bottom 50%, wealth for the top 10%, billions for the few.
The Fed released its data on the wealth distribution through Q1 2021 today. It’s a testimony of the effectiveness of the Fed’s monetary policies in expanding the already unimaginably huge wealth disparity in America. The Fed’s data covers household wealth of the 1%, the next 9%, the next 40%, and the bottom 50%. The bottom 50% – half of the US population – are the have-nots and don’t even register on my “Per Household Wealth Effect Monitor” because they don’t have enough.