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What happened to ...
every shop on Main Street, USA
You may have noticed that all of America has turned into a Starbuck's. The question is, "Why?" The answer is laid out for us by the United States Federal Reserve, a.k.a. the Fed.
From the Fed's Distributional Financial Accounts: "The Distributional Financial Accounts (DFAs) provide quarterly estimates of the distribution of a comprehensive measure of U.S. household wealth, beginning with the third quarter of 1989 and through the most recent quarter."
Total of American's assets went up 28 trillion dollars in that time.
The wealthiest 20% of Americans assets went up 29 trillion dollars.
Where did the extra trillion dollars come from?
Half of America saw their net worth decline by 900 billion dollars.
Stated plainly, the richest one-in-five Americans not only took all twenty-eight trillion dollars of economic growth for themselves, but additionally took almost a trillion dollars from half of America.
Note that the Fed updates the DFA page every quarter. The current page data visualization tool divides the data differently, rather than by quintiles as they did in previous quarters.