On average, Americans have seen a 17% jump in household wealth since President Trump’s election, while wealth at the bottom half has increased 54%.
“This is a blue collar boom,” President Trump said Tuesday night in the SOTU address to Congress, but there is a Baby Boomer ‘Boom’ Too
Generationally, households with a head born from Y 1946 to 1964 did not get fooled again, as the Y 1971 rock anthem pledged.
The title of President Trump’s speech was “The Great American Comeback.” It could just as easily have been “OK Boomer, What About the Rest of Us?”
Baby boomers under President Trump, himself a member of that generation, captured around $10-T of recent wealth gains, or about 67% of the total.
The Fed survey demographic estimates are as of Y 2016, and the population would have changed slightly since then. In Y 2016 about 36% of household heads, in the case of mixed-sex couples the Fed considers the man to be the head, in same-sex couples it is the oldest of the 2, were headed by a member of the baby boom.
Wealth accumulates with time, and older people would tend to have a larger base to start with.
But for millennials, those born between Ys 1981 and 1996, the last 3 years of booming markets have meant an extra half trillion dollars only, spread across about 20.6% of households.
GenX’ers, born between Ys 1965 and 1980, got about 21% of the gains, and made up roughly 26% of households.
The pre-baby boom “Silent Generation” got 16% of the gains, roughly in line with that group’s share of households.
Analyzed by race, the data told a familiar story of inequality. About 84% of recent wealth gains accrued to the 64% of households that self-identified to the Fed as White. About 4.6% of wealth gains went to the 14.5% of households that identified as Black, and 3.8% to the 10.1% of households that identified as Hispanic.
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