Call it the rich get richer.
Some notable items:
- The bottom 50% of US households have experienced an 8.6% decline in net worth in the last ten years.
- The top 1% of US households have debt equal to only 2% of their net worth.
- Only 2.9% of the bottom 50% are invested in equities, and only 9.8% enjoy pension benefits.
- When the real estate values of the bottom 50% were surging by double digits at the height of the housing bubble, their net worth was declining “as the group’s borrowing exceeded asset growth.”
- The bottom 50% carry a “huge” 81.1% debt burden compared to the 17.1% burden carried by households in the 50 to 90th percentile.
Elizabeth Warren has raised the question of “who does government work for?” We’ll see. But we already know who the economy works for.