U.S. Growth Starts to Help More People, But Wealthiest Win Most
- Fed’s triennial survey finds broader gains in incomes, wealth
- Top 1% of families take record 23.8% share of income
This article is for subscribers only.
The long-running U.S. economic expansion is starting to reach down and deliver gains to lower-income Americans, while causing already-wide disparities in earning power and wealth to get even bigger, according to a triennial Federal Reserve survey.
“Families throughout the income distribution experienced gains in average real incomes between 2013 and 2016, reversing the trend from 2010 to 2013, when real incomes fell or remained stagnant for all but the top of the income distribution,” the Fed said in its Survey of Consumer Finances released Wednesday in Washington.