{"id":2077316,"date":"2023-10-24T01:51:02","date_gmt":"2023-10-24T05:51:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-fueling-economic-pessimism-among-minorities-as-incomes-fall-new-fed-data-show\/"},"modified":"2023-10-24T01:56:09","modified_gmt":"2023-10-24T05:56:09","slug":"bidenomics-fueling-economic-pessimism-among-minorities-as-incomes-fall-new-fed-data-show","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-fueling-economic-pessimism-among-minorities-as-incomes-fall-new-fed-data-show\/","title":{"rendered":"New Fed Data Reveals Declining Incomes and Economic Pessimism Among Minorities Under &#8216;Bidenomics&#8217;."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-fueling-economic-pessimism-among-minorities-as-incomes-fall-new-fed-data-show%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2077316&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<h2>A\u200d New Federal Reserve Survey \u200cReveals Growing\u2063 Poverty and Racial Inequality<\/h2>\n<p>A recent survey conducted by the Federal Reserve has uncovered\u2064 concerning trends in poverty and racial\u2062 inequality in the United States. The survey, known as the Survey of Consumer Finances (SCF), revealed that while the net worth of the average American household has increased \u2062significantly in\u200d recent years, minorities have struggled to share in these gains.<\/p>\n<div class=\"my-5\">\n<p>The SCF found that from 2019 to 2022, \u2064the real \u2063net worth \u200bof the typical U.S. household rose\u200b by an impressive 37 percent. \u200dThis increase was driven by factors such as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/national-association-of-realtors-economist-discusses-housing-crisis\/\" title=\"National Association Of Realtors Economist Discusses Housing Crisis\">rising home prices<\/a>, stock appreciation, and government \u2062stimulus. However, not all \u2062segments of the\u200b population\u200c have benefited equally from these gains.<\/p>\n<\/div>\n<p>According to the data, the income of white\u200b families increased\u200d by\u200b 1.3 percent during this period. In \u200bcontrast,\u2062 black and Hispanic families experienced declines in income of 1.6 percent \u200dand 1.1 percent, respectively. Additionally, wages for all Americans failed to\u2063 keep up with inflation.<\/p>\n<p>While much of the net \u200cworth gains were attributed\u2063 to housing, which is an illiquid\u200b asset, the report found \u2063that real average liquid wealth did not grow significantly \u200bfor minorities. This means that these \u200dgains\u2062 in wealth may not be as useful for covering recurring expenses for black and Hispanic\u200d families.<\/p>\n<div class=\"shortcode\">\n<h2>Related Stories<\/h2>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/bidenomics-push-for-evs-to-blame-for-uaw-strike-republicans-say-in-fiery-gop-debate-5499981?ea_src=author_manual&#038;ea_med=related_stories\"><strong>&#8216;Bidenomics,&#8217; Push for EVs \u2062to Blame for UAW Strike, Republicans Say in Fiery Debate<\/strong><\/a>  &#8211; 9\/28\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/opinion\/are-ordinary-americans-buying-bidenomics-5495991?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Are Ordinary Americans Buying \u2018Bidenomics\u2019?<\/strong><\/a>  &#8211; 9\/21\/2023<\/li>\n<\/ul>\n<\/div>\n<p>The survey also highlighted the impact of crisis-era stimulus and relief efforts\u2063 on minority households. Programs such as stimulus checks, enhanced unemployment \u200dbenefits, and \u2063childcare \u200btax credits provided some support\u2062 to \u200bthese families. However, with the expiration of many of these programs, families across the country are now facing above-average\u2063 inflation, which is eroding their purchasing \u200bpower.<\/p>\n<div class=\"my-5\">\n<p>Since the start of\u200c the pandemic, consumers&#8217; purchasing power has\u2062 decreased by 16 \u200cpercent, according \u2063to <a href=\"https:\/\/fred.stlouisfed.org\/series\/CUUR0000SA0R\" target=\"_blank\" rel=\"noopener\">data<\/a> \u2062from the Federal Reserve Bank of St. Louis.<\/p>\n<\/div>\n<p>Furthermore, the survey revealed increasing uncertainty about future income among all ethnicities and\u2063 races since 2019. This\u200b uncertainty is\u200d particularly \u2064pronounced among black and Hispanic families, with a significant rise in the percentage of these \u2064families reporting uncertainty about \u2063their future income.<\/p>\n<p>Economic pessimism \u200cwas also \u200dprevalent, especially among non-white families. Respondents expressed greater cynicism about \u200bthe \u200cfuture of \u2062the \u2064U.S. economy in 2022 compared \u2062to 2019. The percentage of \u200dfamilies expecting a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-fueling-economic-pessimism-among-minorities-as-incomes-fall-new-fed-data-show\/\" title=\"New Fed Data Reveals Declining Incomes and Economic Pessimism Among Minorities Under 'Bidenomics'.\">worse \u2064economy reached record highs<\/a> across all \u2063races and ethnicities.<\/p>\n<div class=\"my-5\">\n<p>Despite the wealth gains seen during the pandemic, the poverty rate in the United \u2064States rose to 12.4 percent in 2022, according to <a href=\"https:\/\/www.census.gov\/library\/publications\/2023\/demo\/p60-280.html\" target=\"_blank\" rel=\"noopener\">data<\/a> \u200c from the Census Bureau.<\/p>\n<\/div>\n<h2>Bidenomics: Assessing the Impact<\/h2>\n<p>President Joe Biden\u200b has been\u2063 championing his economic agenda, known as Bidenomics, \u200bas \u200da driver of \u2062growth and prosperity. However, public opinion suggests that many <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-continues-to-push-his-bidenomics-agenda-voters-arent-buying-it\/\" title=\"Biden persists with Bidenomics, but voters remain unconvinced.\">voters remain unconvinced<\/a>.<\/p>\n<div class=\"my-5\">\n<p>A \u200crecent <a href=\"https:\/\/pro.morningconsult.com\/analysis\/biden-trump-swing-state-polling\" target=\"_blank\" rel=\"noopener\">Morning Consult report<\/a> revealed that\u2063 a\u2063 majority of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-gops-newest-midterm-issue-menthols\/\" title=\"The GOP\u2019s Newest Midterm Issue: Menthols?\">swing-state voters<\/a> believe the U.S. economy is heading in the wrong direction. They also reported \u2063that their financial situation was \u200dbetter under former President\u200b Donald \u200dTrump.<\/p>\n<\/div>\n<p>While the headline numbers for the economy may appear strong, some economists argue that underlying issues are starting to\u200b emerge. Real wages have declined, credit card debt is soaring, and\u200c pandemic-era savings\u2063 are dwindling.<\/p>\n<p>James\u200d Galbraith, a left-leaning economist, emphasized that Americans prioritize their own living standards over any narrative \u2062about the strength of\u200d the economy. Convincing struggling Americans that the economy is doing well under the current administration will be a challenging task.<\/p>\n<p>The first estimate of the third-quarter GDP growth rate is set to be released soon,\u200d and early estimates suggest a healthy expansion. However, \u200cit is crucial to address the concerns and\u2062 struggles faced\u2064 by individuals and families beneath the surface \u200dof these headline numbers.<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> How did minority communities fare in terms of net\u200b worth growth compared to the overall average for American households?<\/h2>\n<p><span>  Acial\u2062 disparities in wealth accumulation have long been\u200b a concern in the United States, and the latest Federal Reserve survey only underscores \u200cthe\u2063 severity of\u200b the issue. The Survey of Consumer Finances (SCF) has\u2062 revealed that while\u2064 the\u200b overall net worth of American households has experienced significant growth in recent years, \u200cthe same cannot be said for minority communities.<\/p>\n<p>From 2019 to 2022, the real net worth of the average U.S. household increased by an impressive 37 percent. This can \u200bbe attributed to various factors such\u200c as rising home prices, stock appreciation,\u200b and government stimulus. However, the benefits of\u200b this \u200bgrowth were not evenly distributed across the population.<\/p>\n<p>According to the survey, white families saw a modest increase in income of 1.3 percent during\u200d this period. In stark contrast, black and Hispanic families experienced declines in income of 1.6\u200c percent and 1.1\u2064 percent, respectively. Furthermore,\u200c wages for all Americans failed to keep up with inflation, further exacerbating the financial\u2063 struggles faced by many households.<\/p>\n<p>While housing played a significant role in the accumulation of net worth, it is worth noting that real average liquid wealth did \u2062not \u2064see significant growth for minorities. This means that \u200cthe wealth gained may not be easily\u2063 accessible for covering everyday expenses, particularly for black and\u2063 Hispanic families.<\/p>\n<p>The survey also shed light on the impact of crisis-era stimulus and relief efforts on minority households. \u2064Programs such as stimulus checks, enhanced unemployment benefits, and\u200b childcare tax credits provided some support to these families. However, with the expiration \u200bof many of these programs, families across \u2064the country \u200bare \u200dnow facing above-average inflation, further eroding their purchasing power.<\/p>\n<p>Adding \u2064to the concerns, the \u200bsurvey revealed increasing uncertainty about future \u200dincome among all ethnicities and races since \u20622019. Black and Hispanic families, in particular, reported a significant rise in uncertainty \u2062regarding their future income. This\u2063 economic\u2064 pessimism was particularly prevalent among non-white families.<\/p>\n<p>These findings highlight the persistent racial wealth gap in the United States and the urgent need for targeted policies and interventions to\u2063 address the systemic\u200d inequalities that perpetuate these disparities. The survey data serve as a reminder that economic progress \u200cshould not be measured solely by overall net worth or GDP growth but \u200bby the equitable distribution of wealth and opportunities.<\/p>\n<p>Efforts must be made to promote\u2064 inclusive economic policies that address the specific challenges \u2064faced by minority communities. This includes initiatives to improve access to quality\u2062 education, affordable housing, job opportunities, and affordable healthcare. Additionally,\u200d addressing systemic racism in lending\u2063 practices, financial institutions, and employment opportunities should be a priority.<\/p>\n<p>It is crucial for policymakers, businesses, and the public to recognize and confront the existing\u200d disparities and work together to create\u200c a\u200b more equitable society. Only through collective efforts and a commitment to social and economic justice can we begin to bridge the gap and\u2062 build\u2063 a future where every American has an equal \u2062opportunity \u2064to thrive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent Federal Reserve survey shows poverty rose in 2022, with minorities facing difficulties in accessing a share of the national net worth growth during the pandemic. The Survey of Consumer Finances (SCF) by the central bank found that the real net worth of the average American household increased by 37% from 2019 to&#8230;<\/p>\n","protected":false},"author":278,"featured_media":2077317,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2077316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2077316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2077316"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2077316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2077317"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2077316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2077316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2077316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}