The Rich Get Poorer Under Biden

Richer Americans’ incomes are rising at a much slower rate than lower wage earners.

According to Axios, The bottom 90% of earners are seeing their income keep up with inflation, while the bottom 50% had wage gains 3.4% bigger than inflation in the first quarter of 2022. That’s according to Realtime Inequality, a project that attempts to disaggregate growth statistics by income percentile.

It was also explained that in just the first quarter of 2022, income for the bottom half of earners in America continued to rise but a rocky market meant that wealthy Americans’ incomes growth ended up turning negative.

Berkeley economist Gabriel Zucman explained, “Growth was strong for the working class.”

Zucman further explained, “All the decline in GDP is concentrated in the top 10%” of the income distribution.”