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Biden’s America: Rich Soar by $44T as Main St. Pinches Pennies

In President Joe Biden’s America, the wealthiest one percent hit a record high with a whopping $44 trillion in net worth, according to data from the U.S. Federal Reserve. While Biden talks a big game about narrowing the wealth gap, a recent study by LendingClub revealed that most Americans are still scraping by paycheck to paycheck. Seems like “Bidenomics” isn’t doing average Americans any favors.

And it’s not just a hunch—according to a Fox News poll, the majority of voters feel like they’re worse off financially under Biden’s administration. That’s a 25-point jump since he took office in 2021. 

The cherry on top of this wealth explosion? The top 1% saw their net worth skyrocket in the fourth quarter, thanks to a stock market surge. Their total wealth shot up by a jaw-dropping $2 trillion, fueled entirely by their stock holdings. It’s like they’re playing a never-ending game of Monopoly with real dollars.

Their real estate values went up a tad, but the value of their privately held businesses took a hit, pretty much canceling out any gains outside of their stock investments.

This isn’t just a one-time jackpot, either. This wealth windfall has been building since 2020, when the Covid-19 market boom sent their riches soaring. Since then, the top 1% has pocketed nearly $15 trillion in wealth, a mind-boggling 49% increase. Meanwhile, the middle-class folks have seen their wealth shoot up 50%.

 

Written by Staff Reports

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