But the income gains were largest among the highest-earning families, and fastest among white families, with income at the median actually registering small declines for both Hispanic and Black families, the Fed found in its latest Survey of Consumer Finances, conducted every three years.
Median net worth rose sharply for all ethnic and income groups, the survey showed, though the lowest-earning 20% of households fared the worst, with a 2% decline on average over the period versus double-digit increases for all other income groups.
The survey showed other stark contrasts. While Black households saw their median income fall by 2% - versus a 3% rise for all families - their median net worth shot up by 60% to outpace all other racial and ethnic groups during those three years, when major government stimulus efforts bolstered lower-income households.
Still, Black households had the lowest median net worth at about $45,000, 27% below the next lowest, Hispanics, at about $62,000. By contrast, median household net worth for white families was $285,000 and for Asians - measured on their own for the first time in this year’s survey - was $536,000.
I’m unfortunately getting too old to be of any help, but I firmly believe that you guys are going to have to start taking things back, by force, if you want to stop this insane wealth gap.
Shit, I’m barely under 50 and I remember multiple attempts we tried: Occupational safety in the 70s; Jimmy Carter’s Labor Reform; Expanding women’s right to work anywhere 70s/80s; Family Medical Leave Act and Americans with Disabilities Act were all in my lifetime.
While those all are not directly related to income inequalities, they’re still relevant as rights the rich solely had, but didn’t want to share en-masse.
“Those who cannot remember the past are condemned to repeat it”
FACT: There is no current nor past society with income equality.
Perhaps it’s time to quit trying the same ways of fighting for equality the exact same ways we have been for the past 9,000 years and try something different.
You ain’t gotta go back 9,000 years to find we fought for equality differently.
Just 240 years ago we made the great leap to the guillotine because we got tired of the old way - an axe.