America’s Economic Divide In Two Stories
What matters for real people is the effect on families.
That's my generalized assessment of stagflation risk, as communicated briefly in "Stagflation: 'Why Do I Care?'"
One follow-on question we don't ask enough is this: What do we mean by "families"?
"Stagflation has historically weighed on not just economic growth but also the growth of household wealth," Goldman's David Kostin wrote on Friday evening, adding that household net worth "has grown by a median real rate of 0.5% per quarter sinc
Sounds like you’re describing the 4th turning…
As I read this note (once again, well crafted) my fears for the future only grew. Not for me. For my children. I just cannot imagine American democracy surviving in its current form given current “economics”
Hear, hear, sir! I find it somewhat ironic that to rent a place for $1700/month (about the right number for here in KC) I would need four times the rent in the bank but to get a mortgage I could get by with two or three times the amount of the mortgage payments. What a country.
Don’t worry. If the GOP wins control of the House and Senate in the midterms, they’ll cut taxes on the already-wealthy and corporations and will cut benefits for everyone else. ‘Merica.
Are you a winner or one of those pathetic loser?! ‘Merica!
With respect to that third graphic, what is the approximate current minimum net worth (i.e. wealth, as I assume its not annual income) to be just inside the lower bound of that top 1% level?
Quick Google shows that, in the US in 2020, the top 1% cut off in net worth was $11.1M
Your guys are definitely a rich country!
Hats off. So much said well in a short piece. It’s eloquent, relevant, sad and frightening all at the same time.
Having read this and the “snow” piece, assets continually accumulated in the absence of price discovery will continue to send the interest of that tab to the social fabric of the country. Too bad that fabric now frays due to the weight of quite a few other issues. Good thing we have a functioning government to solve all of this…
Although wealth inequality keeps snowballing, the tipping point for the fabric of society is the poverty level. While most of us aren’t much by way of assets, our poor are provided the basics. If and when enough of us are impoverished things will go south for everyone.