Economic growth since the Great Recession has improved the fortunes of the most affluent Americans even as the incomes and wealth of most American families continue to decline, the Federal Reserve said Thursday.
For the most affluent 10 percent of American families, average incomes rose by 10 percent from 2010 to 2013. For the rest of the population, average incomes were flat or falling.
The least affluent families had the largest declines. Average incomes dropped by 8 percent for the bottom 20 percent of families, the Fed reported in its triennial Survey of Consumer Finances, one of the most comprehensive sources of data on the financial health of American families.
The new report, broadly consistent with other data on the aftermath of the Great Recession, underscores why so many Americans think the economy remains in poor health. While the pie has grown, most people are getting smaller slices.
Chosen excerpts by Job Market Monitor. Read the whole story at Fed Says Growth Lifts the Affluent, Leaving Behind Everyone Else – NYTimes.com.