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The typical US family was richer in 1998

Summary:
Income gains were widely, if not evenly, shared across every measured economic, age, educational, and racial and ethnic category in the three years to the end of 2016, according to the triennial Survey of Consumer Finances released Wednesday by the Federal Reserve.This was a hugely welcome development. The previous edition of the survey had shown that median incomes and median wealth had actually declined from 2010 to 2013.A few more bits of good news from the summary (my bolding):— Families without a high school diploma and nonwhite and Hispanic families experienced larger proportional gains in incomes than other families between 2013 and 2016, although more-educated families and white non-Hispanic families continue to have higher incomes than other families. …— Families without a college

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Income gains were widely, if not evenly, shared across every measured economic, age,...

Cardiff Garcia
Cardiff writes mostly about US macroeconomic issues, with daily excursions into other topics about which he claim no expertise. Before Alphaville, Cardiff spent a little more than two years as a reporter at Dow Jones Financial News covering investment banking, asset management, and private equity. Along the way he has written freelance pieces on a variety of other topics from behavioural psychology to Muay Thai, the latter also being a personal interest that involves frequently getting kicked in the shins (and torso, and head).

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