President Joe Biden’s America witnessed a remarkable milestone as the wealthiest one percent achieved a net worth of $44 trillion by the end of the fourth quarter, as per data from the U.S. Federal Reserve.
Despite President Biden’s efforts to address the growing wealth disparity, a recent study by LendingClub revealed that a majority of Americans continue to struggle financially, living paycheck to paycheck. This raises concerns about the effectiveness of “Bidenomics” in assisting the average American.
According to a Fox News poll conducted on Wednesday, a majority of voters have experienced a decline in their financial situation since President Biden took office in 2021, with a significant increase of 25 points. The gains observed in the fourth quarter were primarily driven by stock holdings, benefiting from a year-end rally.
CNBC reported:
“The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter. While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks. The quarterly gain marked the latest addition to an unprecedented wealth boom that began in 2020 with the Covid-19 pandemic market surge. Since 2020, the wealth of the top 1% has increased by nearly $15 trillion, or 49%. Middle-class Americans have also seen a rising wealth tide, with the middle 50% to 90% of Americans seeing their wealth increase 50%.”
