
IPFS News Link • Economy - Economics USA
How $98 trillion of household wealth in America is distributed: "It's very depressing"
• https://www.cbsnews.comIt's a concern cited by every leading Democratic presidential candidate in the 2020 election, but many may not realize what it actually means.
If a pie represented the estimated $98 trillion of household wealth in the United States, nine pieces, or 90% of the pie, would go to the wealthiest 20% in the country, according to a National Bureau Of Economic Research study of household wealth trends in the united states from 1962 to 2016. Out of those nine slices, four would go to just the top 1%.
The upper middle class and the middle class would share one piece, or about 10%, and the lower middle class would get .3% of the pie. The poorest Americans, people in the bottom 20%, wouldn't get any. On average, they are more than $6,000 in debt.