Economic Policies

‘Bidenomics’ Fueling Economic Pessimism Among Minorities as Incomes Fall, New Fed Data Show

As minorities failed to enjoy the pandemic-era wealth gains, economic pessimism is becoming widespread, according to the Fed’s Survey of Consumer Finances.
‘Bidenomics’ Fueling Economic Pessimism Among Minorities as Incomes Fall, New Fed Data Show
President Joe Biden speaks about Bidenomics, announcing clean manufacturing investments in regional clean hydrogen hubs at Tioga Marine Terminal in Philadelphia, Pa., on Oct. 13, 2023. Madalina Vasiliu/The Epoch Times
Andrew Moran
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A new Federal Reserve survey revealed that poverty climbed in 2022, and minorities struggled to obtain a portion of the national net worth increase during the pandemic.

The central bank’s triennial Survey of Consumer Finances (SCF) found that the real (inflation-adjusted) net worth of the typical U.S. household surged by 37 percent from 2019 to 2022, driven by higher home prices, stock appreciation, and government stimulus.
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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