Distribution of Household Wealth in the U.S. since 1989

 

Distribution of Household Wealth in the U.S. since 1989

Units
 

Wealth by wealth percentile group

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Date Top 1%
(US$ Trillions)
90-99%
(US$ Trillions)
50-90%
(US$ Trillions)
Bottom 50%
(US$ Trillions)
1989:Q3 4.88 7.56 7.23 0.76
1989:Q4 5.03 7.68 7.30 0.80
1990:Q1 5.02 7.68 7.47 0.79
1990:Q2 5.09 7.80 7.48 0.81
1990:Q3 4.91 7.77 7.54 0.81
1990:Q4 5.15 7.83 7.66 0.82
1991:Q1 5.44 7.90 7.77 0.91
1991:Q2 5.39 7.92 7.80 0.94
1991:Q3 5.49 7.91 8.00 0.92
1991:Q4 5.77 8.06 8.12 0.98
1992:Q1 5.72 8.10 8.24 0.97
1992:Q2 5.69 8.16 8.32 0.95
1992:Q3 5.74 8.28 8.46 1.00
1992:Q4 6.06 8.37 8.69 0.95
1993:Q1 6.27 8.46 8.69 0.97
1993:Q2 6.38 8.46 8.83 0.97
1993:Q3 6.55 8.52 8.97 0.98
1993:Q4 6.77 8.59 9.07 0.99
1994:Q1 6.80 8.74 8.99 1.04
1994:Q2 6.83 8.83 9.03 1.03
1994:Q3 6.97 8.89 9.18 1.01
1994:Q4 7.09 8.97 9.24 0.94
1995:Q1 7.36 9.09 9.34 0.97
1995:Q2 7.62 9.16 9.46 1.04
1995:Q3 8.00 9.22 9.60 1.06
1995:Q4 8.17 9.53 9.71 1.13
1996:Q1 8.26 9.79 9.83 1.22
1996:Q2 8.32 9.97 10.04 1.19
1996:Q3 8.30 10.09 10.23 1.17
1996:Q4 8.56 10.38 10.38 1.23
1997:Q1 8.53 10.51 10.47 1.26
1997:Q2 9.08 10.94 10.81 1.28
1997:Q3 9.48 11.27 11.09 1.31
1997:Q4 9.60 11.48 11.19 1.34
1998:Q1 10.29 11.98 11.60 1.36
1998:Q2 10.47 12.22 11.86 1.32
1998:Q3 9.96 11.95 12.03 1.26
1998:Q4 10.85 12.67 12.41 1.33
1999:Q1 10.86 12.89 12.55 1.37
1999:Q2 11.23 13.32 12.71 1.42
1999:Q3 10.99 13.28 12.83 1.43
1999:Q4 12.18 14.04 13.49 1.44
2000:Q1 12.59 14.56 13.86 1.45
2000:Q2 12.19 14.59 13.97 1.43
2000:Q3 12.34 14.77 14.32 1.41
2000:Q4 11.79 14.72 14.37 1.43
2001:Q1 11.35 14.69 14.67 1.41
2001:Q2 11.71 15.19 14.97 1.43
2001:Q3 11.03 14.86 15.05 1.32
2001:Q4 11.73 15.35 15.34 1.44
2002:Q1 11.91 15.61 15.58 1.40
2002:Q2 11.47 15.67 15.38 1.37
2002:Q3 10.79 15.40 15.25 1.40
2002:Q4 11.28 15.73 15.63 1.38
2003:Q1 11.26 15.89 15.68 1.36
2003:Q2 12.17 16.49 16.08 1.29
2003:Q3 12.54 16.75 16.47 1.17
2003:Q4 13.33 17.48 16.83 1.33
2004:Q1 14.32 18.29 17.48 1.25
2004:Q2 14.55 18.48 17.90 1.16
2004:Q3 14.87 19.01 18.08 1.30
2004:Q4 15.83 19.78 18.83 1.24
2005:Q1 15.93 20.38 18.89 1.35
2005:Q2 16.36 21.07 19.12 1.45
2005:Q3 16.90 21.70 19.56 1.46
2005:Q4 17.36 22.22 20.14 1.41
2006:Q1 18.23 23.16 20.03 1.45
2006:Q2 18.08 23.30 20.10 1.35
2006:Q3 18.47 23.59 20.40 1.29
2006:Q4 19.11 24.06 20.64 1.37
2007:Q1 19.49 24.68 20.50 1.40
2007:Q2 19.79 24.96 20.47 1.38
2007:Q3 20.07 25.21 20.61 1.26
2007:Q4 19.83 24.99 20.40 1.21
2008:Q1 18.99 24.60 19.73 1.17
2008:Q2 18.46 24.28 19.70 0.84
2008:Q3 17.59 23.76 19.09 0.65
2008:Q4 15.88 22.90 18.56 0.72
2009:Q1 14.96 23.14 17.79 0.94
2009:Q2 15.57 23.20 18.23 0.71
2009:Q3 16.50 23.84 18.48 0.54
2009:Q4 16.93 23.41 18.83 0.52
2010:Q1 17.27 24.14 18.93 0.40
2010:Q2 16.99 23.96 18.87 0.22
2010:Q3 17.93 24.56 19.15 0.35
2010:Q4 18.79 24.82 19.58 0.47
2011:Q1 19.28 25.33 19.78 0.29
2011:Q2 19.53 25.49 19.94 0.22
2011:Q3 18.30 25.16 19.65 0.27
2011:Q4 18.89 25.39 20.00 0.43
2012:Q1 19.80 26.23 20.27 0.39
2012:Q2 19.63 26.35 20.37 0.29
2012:Q3 20.41 26.89 20.78 0.44
2012:Q4 20.75 27.14 21.20 0.40
2013:Q1 21.84 28.14 21.60 0.64
2013:Q2 22.05 28.65 21.92 0.66
2013:Q3 23.03 29.19 22.80 0.67
2013:Q4 24.08 29.76 23.44 0.70
2014:Q1 24.67 30.45 23.64 0.72
2014:Q2 25.43 30.97 24.00 0.80
2014:Q3 25.45 31.30 24.03 0.81
2014:Q4 26.36 31.73 24.42 0.83
2015:Q1 27.07 32.47 24.67 0.91
2015:Q2 27.09 32.74 24.73 0.96
2015:Q3 26.32 32.56 24.68 0.92
2015:Q4 27.10 32.72 25.30 0.92
2016:Q1 27.27 33.29 25.43 1.00
2016:Q2 27.70 33.98 25.53 1.12
2016:Q3 28.58 34.57 26.01 1.13
2016:Q4 29.18 34.59 26.53 1.08
2017:Q1 29.96 35.31 27.14 1.07
2017:Q2 30.51 35.84 27.49 1.21
2017:Q3 31.34 36.44 28.05 1.23
2017:Q4 32.51 37.05 28.78 1.19
2018:Q1 32.46 37.52 28.97 1.28
2018:Q2 32.99 38.13 29.35 1.41
2018:Q3 33.80 38.93 29.82 1.46
2018:Q4 31.54 37.73 29.54 1.34
2019:Q1 33.80 39.29 30.60 1.43
2019:Q2 34.47 39.93 30.75 1.63
2019:Q3 34.53 40.12 30.90 1.67

Note: Distributions by generation are defined by birth year as follows: Silent and Earlier=born before 1946, Baby Boomer=born 1946-1964, Gen X=born 1965-1980, and Millennial=born 1981-1996.

 

A Mar-a-Lago Weekend and an Act of God: Trump’s History With Deutsche Bank

At Deutsche Bank, Mr. Offit’s mandate was to lend money to big real estate developers, package the loans into securities and sell the resulting bonds to investors. He said in an interview that one way to stand out in a crowded market was to make loans that his rivals considered too risky.

In 1998, a broker contacted him to see if he would consider lending to a Wall Street pariah: Mr. Trump, who was then a casino magnate whose bankruptcies had cost banks hundreds of millions of dollars.

Mr. Offit took the meeting.

A few days later, Mr. Offit’s secretary called him. “Donald Trump is in the conference room,” she whispered. Mr. Offit said he rushed in, expecting to find an entourage. Mr. Trump was alone.

He was looking for a $125 million loan to pay for gut renovations of 40 Wall Street, his Art Deco tower in Lower Manhattan. Mr. Offit was impressed by the pitch, and the loan sailed through Deutsche Bank’s approval process.

Mr. Trump seemed giddy with gratitude, Mr. Offit recalled. He took Mr. Offit golfing. He flew him by helicopter to Atlantic City for boxing matches. He wrote a grateful note to Sidney Offit for having “a great son!”

Mr. Offit commissioned a detailed model of 40 Wall Street. A golden plaque on its pedestal bore the names and logos of Deutsche Bank and the Trump Organization. Mr. Offit gave one to Mr. Trump and kept another in his office.

Mr. Trump soon came looking for $300 million for the construction of a skyscraper across from the United Nations headquarters. The loan was approved. He wanted hundreds of millions more for his Trump Marina casino in Atlantic City. Mr. Offit pledged to line up cash for that, too.

Not long after, Edson Mitchell, a top bank executive, discovered that the signature of the credit officer who had approved the Trump Marina deal had been forged, Mr. Offit said. (Mr. Offit was never accused of forgery; the loan never went through.)

Mr. Offit was fired months later. He said it was because Mr. Mitchell claimed that he was reckless, a charge Mr. Offit disputed.

It was the first hiccup in the Trump relationship. It would not be the last.

Over the next few years, the commercial real estate group, with Mr. Kennedy now in a senior role, kept lending to Mr. Trump, including to buy the General Motors building in Manhattan. Occasionally, Justice Kennedy stopped by Deutsche Bank’s offices to say hello to the team, executives recalled.

At an annual pro-am golf tournament the bank hosted outside Boston in the early 2000s, Mr. Trump sat down for a recorded interview with the bank’s public relations staff, who asked about his experience with Deutsche Bank.

“It’s great,” Mr. Trump exclaimed, according to a person who witnessed the interview. “They’re really fast!”

In 2003, a Deutsche Bank team led by Richard Byrne — a former casino-industry analyst who had known Mr. Trump since the 1980s — was hired to sell bonds on behalf of Trump Hotels & Casino Resorts. Bank officials escorted Mr. Trump to meet institutional investors in New York and Boston, according to an executive who attended.

The so-called roadshow seemed to go well. At every stop, Mr. Trump was greeted by large audiences of fund managers, executives and lower-level employees eager to see the famous mogul. The problem, as a Deutsche Bank executive would explain to Mr. Trump, was that few of them were willing to entrust money to him.

Mr. Trump requested an audience with the bank’s bond salesmen.

According to a Deutsche Bank executive who heard the remarks, Mr. Trump gave a pep talk. “Fellas, I know this isn’t the easiest thing you’ve had to sell,” the executive recalled Mr. Trump saying. “But if you get this done, you’ll all be my guests at Mar-a-Lago,” his private club in Palm Beach, Fla.

The sales team managed to sell hundreds of millions of dollars worth of bonds. Mr. Trump was pleased with the results when a Deutsche Bank executive called, according to a person who heard the conversation.

“Don’t forget what you promised our guys,” the executive reminded him.

Mr. Trump said he did not remember and that he doubted the salesmen actually expected to be taken to Mar-a-Lago.

“That’s all they’ve talked about the past week,” the executive replied.

Mr. Trump ultimately flew about 15 salesmen to Florida on his Boeing 727. They spent a weekend golfing with Mr. Trump, two participants said.

A year later, in 2004, Trump Hotels & Casino Resorts defaulted on the bonds. Deutsche Bank’s clients suffered steep losses. This arm of the investment-banking division stopped doing business with Mr. Trump.

.. Mr. Trump told Deutsche Bank his net worth was about $3 billion, but when bank employees reviewed his finances, they concluded he was worth about $788 million, according to documents produced during a lawsuit Mr. Trump brought against the former New York Times journalist Timothy O’Brien. And a senior investment-banking executive said in an interview that he and others cautioned that Mr. Trump should be avoided because he had worked with people in the construction industry connected to organized crime.

Nonetheless, Deutsche Bank agreed in 2005 to lend Mr. Trump more than $500 million for the project. He personally guaranteed $40 million of it, meaning the bank could come after his personal assets if he defaulted.

By 2008, the riverside skyscraper, one of the tallest in America, was mostly built. But with the economy sagging, Mr. Trump struggled to sell hundreds of condominium units. The bulk of the loan was due that November.

Then the financial crisis hit, and Mr. Trump’s lawyers sensed an opportunity.

A provision in the loan let Mr. Trump partially off the hook in the event of a “force majeure,” essentially an act of God, like a natural disaster. The former Federal Reserve chairman Alan Greenspan had called the financial crisis a tsunami. And what was a tsunami if not a natural disaster?

.. One of Mr. Trump’s lawyers, Steven Schlesinger, told him the provision could be used against Deutsche Bank.

“It’s brilliant!” Mr. Schlesinger recalled Mr. Trump responding.

Days before the loan was due, Mr. Trump sued Deutsche Bank, citing the force majeure language and seeking $3 billion in damages. Deutsche Bank countersued and demanded payment of the $40 million that Mr. Trump had personally guaranteed.

With the suits in court, senior investment-banking executives severed ties with Mr. Trump.

.. Ms. Vrablic’s superiors encouraged her to make loans that rival banks dismissed as too large or complex. They saw it as a way to elbow into the hypercompetitive New York market.

.. One of Ms. Vrablic’s clients was Jared Kushner, who married Ivanka Trump in 2009. Mr. Kushner regarded Ms. Vrablic as the best banker he had ever worked with, according to a person familiar with his thinking.

Shortly after the Chicago lawsuit was settled, Mr. Kushner was told that Mr. Trump was looking for a loan and introduced him to Ms. Vrablic, according to people familiar with the relationship.

.. Mr. Trump flew Ms. Vrablic to Miami to show her a property he wanted to buy: the Doral Golf Resort and Spa. He needed more than $100 million for the 72-hole property.

Deutsche Bank dispatched a team to Trump Tower to inspect Mr. Trump’s personal and corporate financial records. The bankers determined he was overvaluing some of his real estate assets by as much as 70 percent, according to two former executives.

.. By then, though, Mr. Trump had become a reality-TV star, and he was swimming in cash from “The Apprentice.” Deutsche Bank officials also were impressed that Mr. Trump did not have much debt, according to people who reviewed his finances. Aside from his history of defaults, he was an attractive borrower.

Mr. Trump also expressed interest in another loan from the private-banking division: $48 million for the same Chicago property that had provoked the two-year court fight.

Mr. Trump told the bank he would use that loan to repay what he still owed the investment-banking division, the two former executives said. Even by Wall Street standards, borrowing money from one part of a bank to pay off a loan from another was an extraordinary act of financial chutzpah.

.. Investment-banking executives, including Anshu Jain, who would soon become Deutsche Bank’s co-chief executive, pushed back. Lending to Mr. Trump again would be foolish, they argued, and signal to clients that they could default and even sue the bank.

Executives in the private bank countered that the proposed loans had Mr. Trump’s personal guarantee and therefore were low risk. And the Chicago loan, they noted, would lead to the repayment of tens of millions of dollars that Mr. Trump still owed the investment-banking division.

A top executive with responsibility for the private bank discussed the loans with Mr. Ackermann, the chief executive, who supported them, according to two officials. A powerful committee in Frankfurt, which evaluated loans based on risks to the bank’s reputation, signed off.

“There is no objection from the bank to proceed with this client,” wrote Stuart Clarke, the chief operating officer for the Americas, in a Dec. 5, 2011, email, according to a recipient.

Deutsche Bank wired the money to Mr. Trump. The loans carried relatively low interest rates, executives said, but the business promised to be profitable: As part of the deal, Mr. Trump would hold millions of dollars in a personal account, generating fees for the bank.

“I have no recollection of having been asked to approve that private-banking loan,” Mr. Ackermann said in an interview. He added: “I would have approved it, if it came to me, if it was commercially sound.”

Ms. Vrablic’s relationship with the Trumps deepened.

Deutsche Bank lent money to Donald Trump Jr. for a South Carolina manufacturing venture that would soon go bankrupt. It provided a $15 million credit line to Mr. Kushner and his mother, according to financial documents reviewed by The Times. The bank previously had an informal ban on business with the Kushners because Jared’s father, Charles, was a felon.

In 2012, Jared Kushner recommended that the editor of The Mortgage Observer, one of the publications he owned, write a profile of Ms. Vrablic. The editor, Carl Gaines, knew Mr. Kushner was her client and objected, according to a person familiar with the exchange.

“Just go meet with her,” Mr. Kushner said. “You’ll figure something out.”

gauzy profile of Ms. Vrablic was published in February 2013.

Shortly afterward, the private bank produced a promotional video featuring some of its marquee clients. The video was played at a retreat for Deutsche Bank’s senior leadership in Barcelona. In it, Ivanka Trump extolled the private bank’s work with her family and thanked their relationship manager, according to two people who saw the video.

.. In early 2014, Mr. Trump and his personal lawyer, Michael Cohen, approached Ms. Vrablic about more potential loans.

The owner of the Buffalo Bills had died, and the N.F.L. franchise was up for sale. Mr. Trump was interested, and he needed to show the league he had the financial wherewithal to pull off a transaction that could top $1 billion.

Mr. Trump asked Ms. Vrablic if the bank would be willing to make a loan and handed over bare-bones financial statements that estimated his net worth at $8.7 billion.

.. Mr. Cohen testified to Congress last month that the documents exaggerated Mr. Trump’s wealth. Deutsche Bank executives had reached a similar conclusion. They nonetheless agreed to vouch for Mr. Trump’s bid, according to an executive involved.

Mr. Trump’s bid did not win, but another lending opportunity soon arose.

A federal agency had selected Mr. Trump to transform the Old Post Office Building in Washington into a luxury hotel. But his financial partner — the private equity firm Colony Capital, run by Thomas J. Barrack Jr. — pulled out. Mr. Trump needed nearly $200 million.

.. Because of his decades-long pattern of defaults and his increasingly polarizing political rhetoric — among other things, he had been spreading a lie about President Barack Obama being born overseas — Mr. Trump remained untouchable for most banks.

Ms. Vrablic was willing to help.

In a memo outlining the rationale for the Old Post Office loan, Ms. Vrablic said Mr. Trump was expected to add large sums to his brokerage account if he received the loan, according to an executive who read the document.

This time, there was less internal opposition. One reason: Mr. Jain — by then the bank’s co-chief executive — had a solid relationship with Ms. Vrablic. Mr. Jain accompanied her to meetings with high-profile clients, and he praised her work to colleagues, multiple executives said.

..On a foggy Wednesday in February 2013, Ms. Vrablic and Mr. Jain went to Trump Tower to meet with Mr. Trump, according to two executives with knowledge of the meeting. Ms. Vrablic’s rapport with the client was immediately clear: Mr. Trump’s assistant greeted her as an old friend, and she seemed relaxed with Mr. Trump and his daughter, one executive said.

.. They discussed Mr. Trump’s finances over lunch, and Mr. Jain said he was surprised by his low level of debt, the executives said. After lunch, Ms. Vrablic told her colleagues that Mr. Jain had sounded upbeat about Mr. Trump’s finances.

A $170 million loan to pay for the overhaul of the Old Post Office went through in 2015, and Mr. Trump added more money to his brokerage account. (In May 2016, he reported up to $46 million of stocks and bonds in the account.)

.. On Aug. 6, 2015, Mr. Trump participated in the first Republican presidential debate. He clashed with the Fox News moderator, Megyn Kelly. He flew back to New York early the next morning. That evening, he called in to a CNN talk show and said of Ms. Kelly that there was “blood coming out of her wherever.”

In the intervening hours, Mr. Trump had used a black Sharpie to sign documents for another loan from Deutsche Bank: $19 million for the Doral resort. That brought to more than $300 million the total lent under Ms. Vrablic.

.. On the campaign trail, rivals assailed Mr. Trump’s financial history. In response, he pointed to Deutsche Bank-funded successes like the Old Post Office project, now a gleaming hotel a few blocks from the White House.

.. In early 2016, Mr. Trump asked Ms. Vrablic for one final loan, for his golf course in Turnberry, Scotland.

.. Ms. Vrablic said yes, but a fight soon erupted.

Jacques Brand, who was in charge of Deutsche Bank’s American businesses, angrily objected, partly because of Mr. Trump’s divisive rhetoric.

Ms. Vrablic appealed the decision. Senior executives in Frankfurt, including Christian Sewing, who would become chief executive in 2018, were shocked that the private bank would consider lending Mr. Trump money during the campaign, bank officials said.

The bank’s reputational risk committee killed the transaction in March 2016.

.. That same month, as The Times was preparing an article about Mr. Trump’s excommunication from Wall Street, he cited his warm relationship with Deutsche Bank.

.. “They are totally happy with me,” he said to The Times. “Why don’t you call the head of Deutsche Bank? Her name is Rosemary Vrablic. She is the boss.”

.. After Mr. Trump won the election, Deutsche Bank’s board of directors rushed to understand how the bank had become the biggest lender to the president-elect.

A report prepared by the board’s integrity committee concluded that executives in the private-banking division were so determined to win business from big-name clients that they had ignored Mr. Trump’s reputation for demagogy and defaults, according to a person who read the report.

The review also found that Deutsche Bank had produced a number of “exposure reports” that flagged the growing business with Mr. Trump, but that they had not been adequately reviewed by senior executives.

.. On Deutsche Bank’s trading floor, managers began warning employees not to use the word “Trump” in communications with people outside the bank. Salesmen who violated the edict were scolded by compliance officers who said the bank feared stoking public interest in its ties to the new president.

One reason: If Mr. Trump were to default on his loans, Deutsche Bank would have to choose between seizing his assets or cutting him a lucrative breaka situation the bank would rather resolve in private.

.. Two years after Mr. Trump was sworn in, Democrats took control of the House of Representatives. The chamber’s financial services and intelligence committees opened investigations into Deutsche Bank’s relationship with Mr. Trump. Those inquiries, as well as the New York attorney general’s investigation, come at a perilous time for Deutsche Bank, which is negotiating to merge with another large German lender.

Next month, Deutsche Bank is likely to start handing over extensive internal documents and communications about Mr. Trump to the congressional committees, according to people briefed on the process.

Ms. Vrablic, who is intensely private and rarely discusses her personal life with colleagues, declined to comment. People familiar with her thinking said she expected to be called to testify publicly on Capitol Hill.

Trump distorts the truth and uses intimidation tactics to maintain his image.

Maintaining the public image of a powerful and flawless businessman is difficult. And since Trump’s success depends, in large part, on his facade, he’ll do almost anything to defend it.

This defense has often involved suing or threatening to sue any journalist who publishes or intends to publish something that questions the veracity of his claims or the prudence of his actions.

Even if he knows he can’t win a particular lawsuit, the threat of one still scares off many publishers and journalists who either lack the funds to deal with the legal fees involved or dread the thought of years of arbitration.

Trump is especially defensive about the image of his vast wealth, which is why he sued Timothy O’Brien, the author of TrumpNation. Trump wants the media to believe that his net worth is in the billions, but, based on documents he personally showed to O’Brien, it would seem he’s actually worth somewhere between $150 and $250 million.

For years, O’Brien was bogged down by the lawsuit, which was eventually dismissed. Trump wasn’t displeased with the outcome, however, and he even admitted that the real goal of the lawsuit was to make O’Brien’s life miserable. So, in that regard, the lawsuit was a success for Trump.

Trump has also become a master of deflecting any facts that might contradict the image he nurtures.

Here’s a good example: during his campaign for president, in an appearance on NBC’s Today Show, Trump was asked about his court testimony in 1991, when he confessed to posing as John Baron and John Miller.

At first, Trump simply lied and claimed that this was the first time he’d ever heard about such a thing. But when the host pressed him about it, Trump expertly deflected the inquiry by questioning its legitimacy and suggesting that even asking about a 25-year-old incident was below the dignity of a journalist.

As we can see, Trump has a unique way of handling facts, which we’ll explore further in the next blinks.

Your Credit Card Will Pay for the Next Recession

Average credit card debt per borrower is about $5,700and growing at a rate of 4.7 percent while wages are growing at about 3 percent. That can’t continue forever.

.. more families than ever have zero or negative wealth, excluding their homes.

.. household net worth since 2007 has decreased for all income groups — except the top 10 percent.

.. Net worth for the richest Americans is up an average of 27 percent. For the middle class, what remains of it, wealth has decreased 20 percent to 30 percent in real terms

.. “We believe many families in the youngest cohort we studied here — respondents born in the 1980s — are at substantial risk of accumulating less wealth over their life spans than the members of previous generations,”

.. That’s an astonishing conclusion in an economy that, as President Trump insists, has never been better. Certainly, it’s never been better for the wealthiest 10 percent of families, who now own about 75 percent of the nation’s total household wealth, as opposed to less than 35 percent in the 1970s.

.. Or for the nation’s richest 0.1 percent, who now own as much wealth as the bottom 90 percent

.. the ability to build wealth rests on the ability to save, which they can’t do if interest rates are rising and eating into their earnings. The personal savings rate, at 2.8 percent, is heading in the wrong direction.

.. The overstimulated American economy will run off the cliff on its own momentum, Mr. Bernanke fears. That will leave the nation with an enormous federal deficit and not much fiscal room to maneuver. Having been essentially made to pay for the tax cuts for the richest Americans, the rest of the nation will be staring down the abyss, too.

Study: Blacks’ Median Wealth Will Be Zero in 2053

That racial stereotyping hides the real cause and scale of economic damage to blue-collar and white-collar Americans families amid the rising wealth of the technocratic globalized elite which dominates the Democratic Party and at least half of the GOP.

.. That government failure is exemplified by the housing bubble, which destroyed a huge percentage of wealth held by black Americans.

2011 report by the Pew Research Center showed that the median wealth of black American households dropped by 53 percent because of the property bubble. The mid-point median of black American wealth crashed from $12,124 in 2005 to just $5,677 in 2009, according to the Pew report.

.. White Americans suffered far less from the bubble because many had already paid off their mortgages, because their debts were a small percentage of their income, and because whites had more assets in the stock market and other sectors outside the housing market. Still, the median wealth of white households also dropped by a huge 16 percent, from $134,992 in 2005 to $113,149 in 2009.

.. Meanwhile, wages for all men have remained flat for the past 44 years since 1973, according to the Census Bureau.

.. when Obama settled into the White House during the housing implosion, his economic policies helped very clever people invest their way back up to more wealth. The New York Post described the process:

The years 2008 through 2015 should be known as the Great Fleecing.

During that time, the greatest transfer of wealth in the history of the world occurred. Some $4.5 trillion was given to Wall Street banks through its Quantitative Easing program, with the American people picking up the IOU … Who did this help? The 1%, and pretty much only the 1%.

.. The report does not discuss how technology is concentrating wealth among higher-skilled people, and it omits any talk of globalized outsourcing. It also avoids family stability and it ignores the topic of immigration, which has flooded the nation’s marketplace with cheap labor that effectively imposes a 5 percent tax on labor — and then transfers $500 billion a year to company owners and investors.

.. the report then lists a series of unrealistic demands, including a massive tax increase on the wealthy, a massive financial grant to children that could be spent when they become adults, more house-buying aid for poor people, a higher minimum wage, and “a federal jobs guarantee [that] would function similarly to the Works Progress Administration of the 1930s.”

.. But many people of all colors who cannot get through college are falling behind because technology, work, and business are becoming more complex. This increasing complexity ensures that an increasing share of income and wealth goes to people who are smart enough to arbitrage the increasing social and technological diversity, regardless of color.

 .. the Democratic elite prefers to import foreign voters rather than accept the equal social status of all blue-collar Americans.
.. four million Americans turn 18 each year and begin looking for good jobs. However, the government imports roughly 1 million legal immigrants to compete against Americans for jobs.
.. That Washington-imposed policy of mass-immigration floods the market with foreign laborspikes profits and Wall Street values by cutting salaries for manual and skilled labor offered by blue-collar and white-collar employees. It also drives up real estate priceswidens wealth-gaps, reduces high-tech investment, increases state and local tax burdens, hurts kids’ schools and college education, pushes Americans away from high-tech careers, and sidelines at least 5 million marginalized Americans and their families, including many who are now struggling with opioid addictions.

Here’s How Pence Could Pay for a Personal Lawyer in Special Counsel Russia Probe

A financial disclosure Mr. Pence released last year appeared to show a negative net worth, not counting his state pension. He reported no significant savings accounts, mutual funds or 401(k) accounts from before he entered elected office. As Indiana’s governor, he was paid $173,860 over the previous year, the disclosure showed.