Cartoon

Distribution of Wealth

SK Ashby
Written by SK Ashby

(Cartoonist - Matt Wuerker)

In other news, the FDA voted to approve the use of coronavirus boosters from Pfizer in Americans who are 65 or older or at high risk of complications.

Meanwhile, it looks like France is ready to end their pity-party tantrum aimed at the Biden administration for selling nuclear technology to Australia. France is sending diplomats back to the states after recalling them.

Finally, the net worth of Americans has hit a record high but only if you're among those fortunate enough to own a home or stocks.

Household net worth increased by $5.8 trillion, or 4.3%, to $141.7 trillion in the second quarter, a Federal Reserve report out Thursday showed. The advance included a $3.5 trillion gain in the value of equities and a $1.2 trillion improvement in real estate held by households.

Equity shares as a percent of total household assets rose in the second quarter to almost 29.5%, up from 25.6% in 2019, the Fed’s report showed.

But not everyone is benefiting from those wealth gains. A large share of Americans are not invested in the stock market, and for many renters, the sharp rise in housing prices pushed the reality of owning a home further out of reach.

I would love to live in a house, but I'm pretty sure I never will.