Authored by Charles Hugh Smith via OfTwoMinds blog,

Longtime readers know I've covered America's soaring wealth and income inequality for many years, and so I read economist Noah Smith's recent post entitled Working-class wealth is improving with keen interest. I respect Noah's work, which is why I follow his Substack posts.

Here are some excerpts from his commentary:

"One of the truisms many Americans learned during the 2010s that turned out not to be so true is the idea that the wealth of the working class is relentlessly falling behind. The likely reason that people "learned" this "fact" is that it was true up until the financial crisis of 2008, and people didn't recognize it and get mad about until the crash.

For that we have to turn to the (Federal Reserve's) FRED website. But when we do, we can see that the bottom 50% of households have seen strong wealth growth in real terms since 2012.