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Date Posted: 12:13:57 4/22/23 Sat
Author: Jasper
Subject: Charles Smith writes

.
If Household Net Worth had tracked GDP, it would total about $90 trillion, $50 trillion less than its current level of $140 trillion. You see what's really fine here: the federal government injects $16 trillion in excess stimulus, the Federal Reserve injects $7 trillion in excess stimulus for a total of $23 trillion, and the top 10% reap $50 trillion in excess wealth: yowza, that's a really fine investment!

Of course private and corporate debt has soared along with federal debt, but never mind the details. $50 trillion in excess wealth is roughly twice the size of America's GDP of $26 trillion. That's a lot of extremely fine wealth to play with.

But all this really fine wealth hasn't exactly been evenly distributed. It turns out the bottom 50% of households lost ground since 1990, as their share of the total household wealth fell from about 4.5% to 3% (see chart below).

The middle class (the 50% to 90% segment of households) also lost ground, as their share of wealth fell from above 36% to less than 29%. A 7% decline may not sound like much, but recall that each 1% is $1.4 trillion, so that 7% decline adds up to roughly $10 trillion in today's total wealth of $140 trillion.

Meanwhile, back at the Really Fine Ranch, the top 1% saw its share of the wealth soar by 40%, from 23% to 32%. It seems some have received more fineness than others.

Extremes keep getting more extreme, but for those at the top of the heap, it's all fine. For everyone else slipping down the ladder, all that FINE adds up to Fragile, Insecure, Nonsensical, Expensive.

https://www.oftwominds.com/blogapr23/extremes4-23.html

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