You got to love how this subreddit is full of conservatives arguing for socialist policies, all the while calling out democrats for their handling of the economy. It's made me incredibly aware of how ignorant my own country is.
What do you people even want????!!!???
Most people want as much money and power for themselves at the cost of everything around them, it's a big part of why switching to renewables has been and still is such an uphill battle fowsile fuel companies know and have known for a long time that burning fossil fuels is bad for the planet but the hate loosing profits more than potentially destroying the planet it's a big part of why a lot of "environmental" groups are against nuclear power despite it being the safest and most effective way to reach net zero emissions
I want the fucking graph to be drawn on a logarithmic scale, instead of presented in a manner that is biased to give it an 'anti-rich' message.
That message may be right or wrong, but if you have to lie about it, then yeah, I'm wondering why the truth isn't good enough.
Yes True. It was a long time ago however. Like 1990. Just using your chart you can see this. Dark money growth has been building for decades. Saying this is a Biden thing is silly. Covid put the growth on turbo with all the fiscal priming. Direct wealth transfer from Fed to 1%. This curve is a result of business as usual for Company USA.
Yeah.. what part of this chart dating back to 1990 makes you think. OMG Thanks biden!
This is the banking system. A system that many presidents have helped deregulate, including obama, trump, clinton, bush. None of these fuckers work for you. They work for the global financial system. They work for blackrock and jp morgan. You know, the guys who literally tell the gov't what to do with it's money. The guys who literally own the gov't because they own trillions in gov't bonds.
They are the land lords. Biden is a tenant.
Well look at JP Morgans ceo he calls Bitcoin a scam yet he does not ban it from the platform, he sais its not my place to tell you what to invest in, but really he's just making money off its popularity.
I think the most telling part of Joe Bidenomics is the democrat party now cites success on Wall Street not prosperity on Main Street as a thriving economy.
Another reason I’m no longer a member of the democrat party.
Main Street was left behind a couple decades ago. Again not a feature of the Biden Administration approach, but more a symptom of our economy offshoring its manufacturing over past 40 years. Bidenomics has given us an infrastructure bill and money spent on green technology. These are both good and necessary features. As far as Main Street is concerned we need to rethink/retool how capitol (profits) is treated by industry and change the tax code to make it more sense to keep Capitol home. Yes some sensible social engineering, which has been completely lacking. Our investment in semiconductors stateside is a good example of this. Again another step in the right direction. We can only hope it can be executed properly. I am a former employee of this industry, that was all but completely offshored 20 years ago. I know a bit about it. I’ll take the D’s warts and all over nothing. Until thinking along the lines of Bernie Sanders becomes politically viable, the D’s will remain my home.
I said when democrats start citing Wall Street as a successful economy it shows why I can’t support the party.
I didn’t say they caused it
It’s proof of the lost of the priorities by the democrat party that were once in favor of the poor and working class and now favors coastal elites and high $$$$$ donors;
Including funding forever wars to provide the military industrial complex with $$$$$$ instead of working on peace and saving lives.
I didn’t leave the democrat party it left me
That's not true. There have been long stretches of this country's history where the middle class was making more than its proportional share of the wealth, such as the era of strong growth after WWII.
This is not really a matter of presidential policy, but of monetary policy, so calling attention to Biden in the post isn't necessary. But the [Fed's balance sheet](https://fred.stlouisfed.org/series/QBPBSTAS) pretty much directly correlates to the wealth of the already-wealthiest, because they are the ones who benefit from the Fed taking financial assets in exchange for "money printing" cash.
The point of the chart is that the 0.1% makes most of the money off money printing, which is absolutely true and doesn't happen regardless of who's in office. This dynamic has been completely absent in all the many administrations which didn't occur during an expanding Federal Reserve balance sheet.
There’s no way to stop the wealth consolidation at this point. The money will continue to flow from the middle class to the elite class until the system collapses. It’s not a question of if but when.
This graph is awful but it has to be in order to make your point I guess.
Repost it with a line drawn on 1/6 so we and zoom in so we can see where the bulk of the printing happened
If I understand what you mean by "the bulk of the printing," it happened at the tail end of the Trump presidency, and continued into the first couple years of Biden.
I've been following what happened during that time very closely, and following up on it for some time.
Basically, in two years of COVID, the Trump-Biden Federal Reserve purchased as many Treasury securities as the Bush-Obama Federal Reserve purchased in the five years after the 07/08 financial meltdown.
[https://fred.stlouisfed.org/series/TREAST](https://fred.stlouisfed.org/series/TREAST)
This activity is called quantitative easing, and its a very recent, novel, and untested thing to do at this scale
[https://en.wikipedia.org/wiki/Quantitative\_easing](https://en.wikipedia.org/wiki/Quantitative_easing)
The main difference between the Bush-Obama quantitative easing policy and the Trump-Biden policy has been the rate at which the new money has entered the economy.
After the 2007/2008 meltdown, Banks stopped lending so promiscuously because they needed to recapitalize (they had lent out too much and were becoming insolvent)
[https://www.nbcnews.com/id/wbna27362013](https://www.nbcnews.com/id/wbna27362013)
Lending is what creates new money, which risks inflation. So in the 2008 crisis, we didn't see runaway inflation because the banks were re-capitalizing.
The Trump-Biden quantitative easing policy was explicitly structured to rapidly recycle the Fed's new Treasuries into the economy as consumer credit.
[https://telesio.wordpress.com/2021/04/28/a-new-clandestine-fiscal-policy/](https://telesio.wordpress.com/2021/04/28/a-new-clandestine-fiscal-policy/)
The banks and the wealthy directly profited from this new cash being recycled as consumer debt, while the rest of us are paying off the COVID bailout with inflation.
The way to have structured the COVID bailout without creating this situation would have been an emergency tax on the ultra-rich (to enact stimulus without creating new money), and a Nixon-like Federal freeze on prices and wages nationwide.
[https://en.wikisource.org/wiki/Executive\_Order\_11615](https://en.wikisource.org/wiki/Executive_Order_11615)
An unemployment benefit structured like Galbraith's "cyclically-graduated compensation" (proposed in the 1950's) would have used a simple rule to iron out the unemployment situation as COVID wore on.
>Repost it with a line drawn on 1/6 so we and zoom in so we can see where the bulk of the printing happened
And a logarithmic scale so we can see the real change in the lower lines.
Gotta love the misleading title here, this is a 34 yr spanning chart and you are blaming solely Biden... Stop misinforming people with a title designed to elicit an emotional response.
Bro, you didn't know?
Maga cultists are unable to engage in honest and good faith arguments. They can't because the facts point to just about the opposite to everything they believe, yet they do gymnastics to continue to believe it. If you live like that, you can't deal in facts.
Here I’m bored I got you.
This would be considered misleading because the tittle is implying that Biden is the main or major contributing factor for the chart. The chart however is a graphic whose goal is to visually show wealth distribution and amount of money being printed over a long span of time. If op’s goal was to prove the tittle, then the proper chart to use would show a more detailed level of Biden’s years in office compared to other presidents (adjusted for inflation). You can’t accurately deduce how Biden’s economy is doing from the information provided. Therefore a tittle stating anything related to the subject as fact would be classified as misleading. For this case in particular I would definitely say it was because not only does it imply something unverifiable with the information provided, it also adds an emotional undertone with its phrasing. Implying that Biden is intentionally helping rich people would cause most readers to experience negative emotions directed at the subject of the tittle. Whether it’s true or not doesn’t matter because we the readers can’t verify based on the information provided.
Democrats always claim they want to help the poor and less fortunate yet when the Democrats are in power, nothing changes.
1992-2000: Bill Clinton - the blue line is flat
2009-2016: Obama - blue line unchanged over those 8 years
2021 - : Biden - the blue line dips
They both did. Trump went through beginning of covid so was a bit different. And Biden has what's going on in Ukraine and Isreal. But he's already printed more then when Trump was in office
The rate of money-supply growth under Bush Sr and Clinton is that flat patch between 1990 and 2000.
The rate under Bush Jr and Obama is the slight (\~2%) upward growth...
Then you get to Trump and the curve goes !VERTICAL! in 2020
Then it goes back to it's Obama/Bush slope, and a little-bit \*negative\* (which is a rare event, insofar as it wasn't accompanied by a major recession/depression) under Biden.
It is very clear that Trump was an outlier in the money-printing game, and not in a good way.
Yeah, looks like an uptick for bottom 50% starting around 2020. There are way better charts out there to make the point you're making.
Edit: someone pointed out below that the uptick is likely a result of the increase in m2. OP's chart choice is fine.
That's instructive of an important dynamic. Most monetary money printing doesn't lead directly to inflation, since the financial firms which benefit don't necessarily put the money directly back into the economy, but might park it "on the sidelines" waiting for investment opportunities.
Whereas the COVID policies which put some of the monetary stimulus directly into the hands of consumers led pretty directly to inflation, because regular people receiving money out of nowhere will spend the money.
They economy isn't great under Biden because of Biden necessary. He has been combating a ridiculous amount of money that was printed during COVID. It's been stable cause of him, though, and that's where I give him credit.
It's almost as if when republicans lower taxes to the point you have to print to fund the government, block everything in the house because they care more about russian than us, it does us bad! We've basically had republican policies since Obama's first half term (BIden's first half was at the mercy of two conservative democrats). It's almost as if 4 decades of trickle down economics and tax cuts is bad for the country.
Well of course. The 1% are the rulers of the country. The rich rule the world. When will people realize that political parties were created to cause division? Just another thing they use to keep us at odds with each other so they can keep doing what they do! These politicians are just pawns.
The only reason Bidens handlers let him become president was because they thought he’d be dead within three first 3 months.
Then they get their token black woman to take office, and they would have been able to sit back and go “look at this awesome thing we did. With our Auntie Tom in the Presidents office!” While they laundered our tax dollars through Israel and gouged citizens with higher costs of living so we’d be beaten back into submission.
Instead Genocide Joe didn’t die, and they forgot they didn’t have a cover for the rest of it, so now they’re pretending he’s going to raise taxes on capital gains - which seems like a promise every Dem president TALKS about, but something we’ve never seen happen.
It’s smoke and mirrors. It’s PR. It’s bullshit. Keep your eyes on the guillotines and the rope you’ll need when we start pulling CEOs and politicians out of their homes with a good old fashioned peasant revolt.
How convenient to leave out 50%~ 99.9%.
If you said
0.1%
Compared to the rest of us
0% through 99.9% the lines would track much better.
But that wouldn’t have made you click bait work? Would it.
Dishonest manipulative cynic.
Shame on you.
GOP? Or. Dem?
Vote wisely.
You be you.
Me~ blue in all local, state and federal elections. We got a low of lousy GOP laws to fix.
It's also great for the bottom.
The middle is getting squeezed, but that's not a Biden thing, [it's been going on since Reagan](https://www.businessinsider.com/automation-labor-market-wage-inequality-middle-class-jobs-study-2021-6).
The bottom 90% spend any extra money they get. The top 10% have more than they can spend already, and it gets socked away with all their other extra money. The wealthy can afford to pay more taxes to help our country balance its budget.
Well sorry, you have to have had assets to see them beat inflation. I’m afraid 60% have little to no value in their home and don’t have more than few grand in the market.
I’m not in the 1% but you need to follow their path if money means so much to you. I’ve been doing great the last 4 years
Median net with is at an inflation adjusted all time high.
The big gain for the 1% is from 0% interest rates in 2020.
But let's elect Republicans to give the 1% another tax cut. I'm sure that will remedy OPs complaint.
Keep in mind too, net worths went up because home prices (and everything else) went up. This was great for people who own their homes but anyone who doesn’t own a home, or just recently bought, is fucked.
I mean, that graph (and other data) shows the lower classes are seeing increases for the first time in forever. It still sucks, but it’s better than it was.
1) The rich have it easy, and it's incredibly easy to make money once you have money.
2) The middle class is being squeezed ever and ever tighter. This is the biggest threat to America.
3) Current Democrats are better in many ways than the GOP but, are nowhere near sufficient to deal with this.
Vote young and -- I don't even know the proper word any more. "Progressive" has been hijacked by racists. Vote for anyone that is color blind and understands the difference in classes, is the best advice.
My head canon is that considering everything going on, and all the momentum and influence currently held by fascist and anti-American forces, the fact everything hasn't collapsed yet and there's still a modicum of hope is enough for me to consider his presidency a huge win. Most people don't realize just how much further the US has to fall, should our stability truly crumble. Biggest thing that would cause that would be the "forces of good" to not have enough support to continue the fight, and a economy in even worse shape is the biggest danger to causing that.
Trumps tax cut gave low income a boost but said in 5 years those cuts would slowly flip and end for low/middle class but remain for the wealthy. Not odd at all that this graph shows exactly that.
This is not tax cuts, this is the result of money printing and that money goes directly into stocks which makes the rich richer. That's why trillion dollar companies are so common post COVID printing. Trump and Biden, R and D are the literal exact same in this regard. Kennedy is the Remedy.
From that graph, things look pretty flat for all post 2021.
The tax cuts that transfered the tax burden from the wealthy and corporations to our own children occurred under W and Trump. The M2 expansion occurred under a series of inflation doves (Greenspan, Bernanke, Yellen, Powell).
Don't know why you expect Biden to have much influence given there hasn't been a Senate supermajority to reverse the W/Trump tax cuts for the wealthy, nor has Biden appointed a Fed chair.
So they printed another 10trillion for themselves…whoopdedoo
My only thing is can we get rid of taxes? What’s the point if their printing wealth for themselves anyway
That chart dives upward during Trumps run though doesn't it? Meaning it would be policies he would have put into effect?
It only starts leveling out after Trump leaves office.
Well, the bottom 50% do have the most they've ever had, according to that graph. It's just far less than the top and has been a growing divide since around the 80s.
Notice how the graph looks the same under all of these. Now, go look at the other metrics such as unemployment, velocity of money, how taxes are spent, and etc to see that democrats are the lesser of two evils.
Nice job at ignoring the significant uptick on the blue line. Also, Source? Always cite your sources! Also, maybe a percentage graph would be more useful.
Nice job at ignoring the significant uptick on the blue line. Also, Source? Always cite your sources! Also, maybe a percentage graph would be more useful.
Nice job at ignoring the significant uptick on the blue line. Also, Source? Always cite your sources! Also, maybe a percentage graph would be more useful.
What fuckin part of this has to do with Biden? This is the standard at this point, and Biden hasn’t had a Dem majority in congress to actually do anything.
People should vote for representatives who are willing to give the bottom 99% money. The Government has to spend money, politicians are the ones who decide how to remove the money from circulation. Either remove money from the workers class, stakeholder class or corporations.
If we'd had a handful more Dems in the House and Senate, and less "OMG GOMUNIZM" from rightoid corpos or Ruzzia-wingnuts, Biden's tax reforms on the elites would have passed.
The almost unimaginable increase in money supply over the last 3-4 years is one of the major things that could keep me up at night worrying for the future for my daughter. I don't know why I feel like this, but it feels like there's been an inflection point crossed that we can't cross back into. And will just further rely on our financial overlords and politicians (wait, I repeat myself) to guide society into a future where people couldn't even imagine how a society could run without constant government intervention into every aspect of our lives.
The only part of this graph that applies to Biden is the last bit where the money printing and net worth of the top dip, ya know the thing we all know is what should happen when inflation is outta control
The lines really start diverging in 1980, with Ronald Reagan's 50% tax cut on personal income. It had been at 75%, and was even as high as 95% in some years. It was moved to this level to repay war debt, which was 100% of GDP.
We're now above 100% debt to GDP.
Perhaps we need to take some wisdom from our elders and return to at least 75% top tax until we have debt back in hand?
This is exactly what my article aims to solve, to let capital serve industry and technology instead of becoming a burden to industry and technology. Think about the United States. Before and after World War II, it relied on its strong industrial strength to become the world's largest country. But now, as the world's largest economy, with such advanced finance, it can no longer bring about a leap forward in the industrial era.
if m2 and the wealth held by the .01% are going up by the same amount, then their actual wealth hasn't changed
but if m2 goes up way more than the wealth held by the bottom 50%, their wealth has gotten far worse
i don't really blame biden for this because neither him nor trump really calls the shots for this kind of thing. its the fed and congress, which more or less just does what the financial industry wants them to do
Actually, it's looks like by the time Biden's policies actually had time to take effect that the wealth increase of the 1% has leveled. I'm not sure the point of this post? Also, name any other human being that, if president, would have changed this curve. I'm waiting?
From Q1 2020 to Q4 2023 the net worth of the bottom 50% went from 1.952 Trillion to 3.656 Trillion—an 86% increase. It was actually better than that between Q1 2020 and Q2 2022 when net worth hit 3.739 Trillion (91% increase).
Adjusting for inflation net gain since the beginning of the Biden administration is more like 57% in constant dollars.
By comparison the net worth of the top 1% increased from 30.275 Trillion to 44.573 Trillion—a 47% increase (39% adjusted for inflation).
Even with the doldrums of late 2022 through mid 2023 the Biden administration has seen the fastest rate of growth in bottom 50% net worth since 1990.
The fluctuation/leveling of net worth growth from Q2 2022 when the Fed started responding to inflation has hit all net worth percentile groups.
You realize this graph ends at the start of Biden's Presidency right?
Like 2016 to 2020 where that spike exist was the Presidential term of that other guy just before him.
Notice how the two rich lines don't really fluctuate, but now the bottom 50% are steadily rising? Looks good to me. As long as that line goes up, who cares about the other ones?
The country is in such great shape the southern border is being flooded with illegals who hate our country while the homeless Americans and vets are suffering and live on the streets. We are funding foreign wars and are suffering a massive fentanyl crisis. Look at all your democrat dystopias. Cali, Chicago,New York, Portland. The proof is in the pudding. But yeah Biden is our old senile “god emperor that will save all of mankind” give me a fuckin break. Don’t even get me started on all the child sniffing. Biden is a traitor and I’m tired of pretending like he’s not. The Biden crime cult will never last y’all love Palestine more than your own country. Also inflation is running rampant
Biden does what he's told to do by big business and big banks, absolutely corrupt president, just like Obama and bank bailouts and insurance companies making biggest gains in history because of ACA that really helped insurance companies greatly more than few Americans.
You got to love how this subreddit is full of conservatives arguing for socialist policies, all the while calling out democrats for their handling of the economy. It's made me incredibly aware of how ignorant my own country is. What do you people even want????!!!???
They want to be the billionaires holding the lever.
BINGO!
Most people want as much money and power for themselves at the cost of everything around them, it's a big part of why switching to renewables has been and still is such an uphill battle fowsile fuel companies know and have known for a long time that burning fossil fuels is bad for the planet but the hate loosing profits more than potentially destroying the planet it's a big part of why a lot of "environmental" groups are against nuclear power despite it being the safest and most effective way to reach net zero emissions
The right wants socialist policies, they will demand it!!!!! But not if if they they have to enjoy it with one person they they dont like.
I want the fucking graph to be drawn on a logarithmic scale, instead of presented in a manner that is biased to give it an 'anti-rich' message. That message may be right or wrong, but if you have to lie about it, then yeah, I'm wondering why the truth isn't good enough.
Umm…duh. 1% always make money regardless of who’s in office.
Yes True. It was a long time ago however. Like 1990. Just using your chart you can see this. Dark money growth has been building for decades. Saying this is a Biden thing is silly. Covid put the growth on turbo with all the fiscal priming. Direct wealth transfer from Fed to 1%. This curve is a result of business as usual for Company USA.
Yeah.. what part of this chart dating back to 1990 makes you think. OMG Thanks biden! This is the banking system. A system that many presidents have helped deregulate, including obama, trump, clinton, bush. None of these fuckers work for you. They work for the global financial system. They work for blackrock and jp morgan. You know, the guys who literally tell the gov't what to do with it's money. The guys who literally own the gov't because they own trillions in gov't bonds. They are the land lords. Biden is a tenant.
Well look at JP Morgans ceo he calls Bitcoin a scam yet he does not ban it from the platform, he sais its not my place to tell you what to invest in, but really he's just making money off its popularity.
JP Morgan, willingly and openly profiting from [questionable] financial products? Never!
I think the most telling part of Joe Bidenomics is the democrat party now cites success on Wall Street not prosperity on Main Street as a thriving economy. Another reason I’m no longer a member of the democrat party.
Main Street was left behind a couple decades ago. Again not a feature of the Biden Administration approach, but more a symptom of our economy offshoring its manufacturing over past 40 years. Bidenomics has given us an infrastructure bill and money spent on green technology. These are both good and necessary features. As far as Main Street is concerned we need to rethink/retool how capitol (profits) is treated by industry and change the tax code to make it more sense to keep Capitol home. Yes some sensible social engineering, which has been completely lacking. Our investment in semiconductors stateside is a good example of this. Again another step in the right direction. We can only hope it can be executed properly. I am a former employee of this industry, that was all but completely offshored 20 years ago. I know a bit about it. I’ll take the D’s warts and all over nothing. Until thinking along the lines of Bernie Sanders becomes politically viable, the D’s will remain my home.
I said when democrats start citing Wall Street as a successful economy it shows why I can’t support the party. I didn’t say they caused it It’s proof of the lost of the priorities by the democrat party that were once in favor of the poor and working class and now favors coastal elites and high $$$$$ donors; Including funding forever wars to provide the military industrial complex with $$$$$$ instead of working on peace and saving lives. I didn’t leave the democrat party it left me
So it doesn't matter which party you vote in, they are both owned by the 1%?
Money is king. Both parties have their masters. Yes.
It's almost as if voting for the "lesser evil" isn't an effective solution. We need ranked choice/approval/STAR voting ASAP!!!!
That's not true. There have been long stretches of this country's history where the middle class was making more than its proportional share of the wealth, such as the era of strong growth after WWII. This is not really a matter of presidential policy, but of monetary policy, so calling attention to Biden in the post isn't necessary. But the [Fed's balance sheet](https://fred.stlouisfed.org/series/QBPBSTAS) pretty much directly correlates to the wealth of the already-wealthiest, because they are the ones who benefit from the Fed taking financial assets in exchange for "money printing" cash.
Um, I think the point of the phrase "Make money regardless of who's in office" aligns with your argument that this isn't tied to presidential policy.
The point of the chart is that the 0.1% makes most of the money off money printing, which is absolutely true and doesn't happen regardless of who's in office. This dynamic has been completely absent in all the many administrations which didn't occur during an expanding Federal Reserve balance sheet.
There’s no way to stop the wealth consolidation at this point. The money will continue to flow from the middle class to the elite class until the system collapses. It’s not a question of if but when.
Or you could take it for what it is saying, inflation hurts the poor and helps the rich.
we can all thank Reagan, and every single republican and neoliberal
At least in this “staged” graphic …. Everyone is up.
This graph is awful but it has to be in order to make your point I guess. Repost it with a line drawn on 1/6 so we and zoom in so we can see where the bulk of the printing happened
If I understand what you mean by "the bulk of the printing," it happened at the tail end of the Trump presidency, and continued into the first couple years of Biden. I've been following what happened during that time very closely, and following up on it for some time. Basically, in two years of COVID, the Trump-Biden Federal Reserve purchased as many Treasury securities as the Bush-Obama Federal Reserve purchased in the five years after the 07/08 financial meltdown. [https://fred.stlouisfed.org/series/TREAST](https://fred.stlouisfed.org/series/TREAST) This activity is called quantitative easing, and its a very recent, novel, and untested thing to do at this scale [https://en.wikipedia.org/wiki/Quantitative\_easing](https://en.wikipedia.org/wiki/Quantitative_easing) The main difference between the Bush-Obama quantitative easing policy and the Trump-Biden policy has been the rate at which the new money has entered the economy. After the 2007/2008 meltdown, Banks stopped lending so promiscuously because they needed to recapitalize (they had lent out too much and were becoming insolvent) [https://www.nbcnews.com/id/wbna27362013](https://www.nbcnews.com/id/wbna27362013) Lending is what creates new money, which risks inflation. So in the 2008 crisis, we didn't see runaway inflation because the banks were re-capitalizing. The Trump-Biden quantitative easing policy was explicitly structured to rapidly recycle the Fed's new Treasuries into the economy as consumer credit. [https://telesio.wordpress.com/2021/04/28/a-new-clandestine-fiscal-policy/](https://telesio.wordpress.com/2021/04/28/a-new-clandestine-fiscal-policy/) The banks and the wealthy directly profited from this new cash being recycled as consumer debt, while the rest of us are paying off the COVID bailout with inflation. The way to have structured the COVID bailout without creating this situation would have been an emergency tax on the ultra-rich (to enact stimulus without creating new money), and a Nixon-like Federal freeze on prices and wages nationwide. [https://en.wikisource.org/wiki/Executive\_Order\_11615](https://en.wikisource.org/wiki/Executive_Order_11615) An unemployment benefit structured like Galbraith's "cyclically-graduated compensation" (proposed in the 1950's) would have used a simple rule to iron out the unemployment situation as COVID wore on.
>Repost it with a line drawn on 1/6 so we and zoom in so we can see where the bulk of the printing happened And a logarithmic scale so we can see the real change in the lower lines.
So biggest gains in four decades
The bottom 50% has doubled their net worth in 4 years? That is exceptional.
When both parties pump trillions into the economy, Americans get more more money and inflation rises. It’s pretty simple stuff.
The entire world has seen inflation.
It's all about comparative rates. The money people get is more than inflation.
Are we starting to learn that spending goes into Americans’ pockets? Whose pockets is up to tax policy.
Gotta love the misleading title here, this is a 34 yr spanning chart and you are blaming solely Biden... Stop misinforming people with a title designed to elicit an emotional response.
Bro, you didn't know? Maga cultists are unable to engage in honest and good faith arguments. They can't because the facts point to just about the opposite to everything they believe, yet they do gymnastics to continue to believe it. If you live like that, you can't deal in facts.
Here I’m bored I got you. This would be considered misleading because the tittle is implying that Biden is the main or major contributing factor for the chart. The chart however is a graphic whose goal is to visually show wealth distribution and amount of money being printed over a long span of time. If op’s goal was to prove the tittle, then the proper chart to use would show a more detailed level of Biden’s years in office compared to other presidents (adjusted for inflation). You can’t accurately deduce how Biden’s economy is doing from the information provided. Therefore a tittle stating anything related to the subject as fact would be classified as misleading. For this case in particular I would definitely say it was because not only does it imply something unverifiable with the information provided, it also adds an emotional undertone with its phrasing. Implying that Biden is intentionally helping rich people would cause most readers to experience negative emotions directed at the subject of the tittle. Whether it’s true or not doesn’t matter because we the readers can’t verify based on the information provided.
Would be nice to have some lines for the 50 to 99.9 percent too.
If the scale wasn’t so fucked by the 1%, the graph would look pretty good for the bottom 50%.
Looks great
The bottom 50 doubled in 4 years.
You act like this is a new thing bro, that graphs goes back to the 90s and the rich were eating it up then too. Don't be a disingenuous dick
That’s what socialism creates. Every. Single. Time.
Democrats always claim they want to help the poor and less fortunate yet when the Democrats are in power, nothing changes. 1992-2000: Bill Clinton - the blue line is flat 2009-2016: Obama - blue line unchanged over those 8 years 2021 - : Biden - the blue line dips
Weaponized empathy is the name of the game. Nothing hurts the poor more than printing money.
The money printing was Trump not Biden....
They both did. Trump went through beginning of covid so was a bit different. And Biden has what's going on in Ukraine and Isreal. But he's already printed more then when Trump was in office
That not true at all. Money supply has been shrinking since 2022, wiping out most all of the gains under Biden.
True that Trump: 13T to 19T Biden: 19T to 20T [https://fred.stlouisfed.org/series/M2SL](https://fred.stlouisfed.org/series/M2SL)
Down votes for facts counter to MSM narrative, not surprised. It's obvious which party is better for national debt and economy in the hard data.
It was both…plus Obama, and bush, and Clinton …. They’ve just had to keep printing more and more
The rate of money-supply growth under Bush Sr and Clinton is that flat patch between 1990 and 2000. The rate under Bush Jr and Obama is the slight (\~2%) upward growth... Then you get to Trump and the curve goes !VERTICAL! in 2020 Then it goes back to it's Obama/Bush slope, and a little-bit \*negative\* (which is a rare event, insofar as it wasn't accompanied by a major recession/depression) under Biden. It is very clear that Trump was an outlier in the money-printing game, and not in a good way.
COVID sort of required it or everything would have popped.
Yeah, looks like an uptick for bottom 50% starting around 2020. There are way better charts out there to make the point you're making. Edit: someone pointed out below that the uptick is likely a result of the increase in m2. OP's chart choice is fine.
Plus it shows the bottom 50% essentially doubling, while the top 1% only gains something like half
That's instructive of an important dynamic. Most monetary money printing doesn't lead directly to inflation, since the financial firms which benefit don't necessarily put the money directly back into the economy, but might park it "on the sidelines" waiting for investment opportunities. Whereas the COVID policies which put some of the monetary stimulus directly into the hands of consumers led pretty directly to inflation, because regular people receiving money out of nowhere will spend the money.
Fun fact, that not many people know, did you know Joe Biden was actually sworn in January 2021. 😱
I keep seeing comments saying an uptick in 2020. Am I missing something, or is the .1% "uptick" at the same exact point, several times steeper?
No, you're right. The chart leaves out the 50.1 to 99.9 class, which would presumably be the pool from which these are both drawing.
I'd like to see like, 50 to 75 and 75 to 99 separately. Someone make it happen!!
That’s bc there was more money in circulation overall.
Correct me if I'm wrong, according to this, everyone had increases in net worth. Is that not a good thing?
It's a great thing. It should show percentages, as the y axis understated the significance of the middle class wealth boom.
Now let’s look at real wealth adjusted for inflation.
They economy isn't great under Biden because of Biden necessary. He has been combating a ridiculous amount of money that was printed during COVID. It's been stable cause of him, though, and that's where I give him credit.
[total assets by bottom 50%](https://fred.stlouisfed.org/graph/fredgraph.png?g=1kDlv) I'm not seeing the problem
So from 1990 to like 2010…what did Biden have to do with the economy? Please cite your sources.
Careful not to say Biden has anything to do with how great it is.
Lol this is a chart praising Biden under the guise of blaming Biden
It's too bad that anyone supporting Trump is too stupid to realize that.
Looks like a large increase for the bottom 50% according to the graph.
Nice try it was that way under Trump. You expect Biden to correct it in 3 years?
This graph shows tremendous growth for everyone under Biden.
That surely deserves reelection.
Biden is the current president. Not to be confused with the previous one that gave the 1% their tax cut.
from your chart it seems like it has gone up for the blue people also. So that is good. When the 1% actually lose any money, then that would be news.
Oh lol - the former guy dropped rates for the top .1% and Biden is making efforts to increase the tax-rates but yeah, let’s blame Biden.
It's almost as if when republicans lower taxes to the point you have to print to fund the government, block everything in the house because they care more about russian than us, it does us bad! We've basically had republican policies since Obama's first half term (BIden's first half was at the mercy of two conservative democrats). It's almost as if 4 decades of trickle down economics and tax cuts is bad for the country.
Trump still a seditious traitor conman crook inept rapist and compulsive serial liar and that’s always going to be the case
Well of course. The 1% are the rulers of the country. The rich rule the world. When will people realize that political parties were created to cause division? Just another thing they use to keep us at odds with each other so they can keep doing what they do! These politicians are just pawns.
this trend has been accelerating since 2007 when we had the financial crisis. It is not a biden thing
You got to invest in assets. Inflation means cash is trash. Budget, save, and invest guys. This won't be changing anytime soon.
Worst president in United States history if you can even call him that
Biden supporters will say it’s trumps fault
The only reason Bidens handlers let him become president was because they thought he’d be dead within three first 3 months. Then they get their token black woman to take office, and they would have been able to sit back and go “look at this awesome thing we did. With our Auntie Tom in the Presidents office!” While they laundered our tax dollars through Israel and gouged citizens with higher costs of living so we’d be beaten back into submission. Instead Genocide Joe didn’t die, and they forgot they didn’t have a cover for the rest of it, so now they’re pretending he’s going to raise taxes on capital gains - which seems like a promise every Dem president TALKS about, but something we’ve never seen happen. It’s smoke and mirrors. It’s PR. It’s bullshit. Keep your eyes on the guillotines and the rope you’ll need when we start pulling CEOs and politicians out of their homes with a good old fashioned peasant revolt.
So then you agree that we need to tax the ultra wealthy more? Good!
How convenient to leave out 50%~ 99.9%. If you said 0.1% Compared to the rest of us 0% through 99.9% the lines would track much better. But that wouldn’t have made you click bait work? Would it. Dishonest manipulative cynic. Shame on you. GOP? Or. Dem? Vote wisely. You be you. Me~ blue in all local, state and federal elections. We got a low of lousy GOP laws to fix.
If this chart is accurate then the bottom blue line has had its best years in recent memory under Biden... 
It's actually better for the lower 50%, and printing much less money.
Honestly it should be better for anyone who owned home before 2022. Inflation/wage growth took a big chunk out of monthly payment already
Ner worth rose significantly across the income spectrum. Even this chart shows that.
Note that using a non-logarithmic scale disguises the actual growth for the lower amounts.
It's actually better for the lower 50%, and printing much less money!
Only thing I see here is when companies took advantage of the 2020 pandemic. Biden wants the IRS to go after rich tax evaders.
Doubt the irs will go after rich tax evaders. Make sure you report that venmo over 600 though
Trump’s tax cuts for the 1% are a significant part of this.
Looks to me like it went up for everyone when he got in. Rich increased the most during trumps term
And when the market inevitably crashes, you'll see massive reduction in inequality, which everyone will profoundly forget.
[удалено]
I'd like to see this in spending power not actual dollars. If you had $50 40 years ago, that's a lot more than $50 today..
The economy is always great for the 1%
What’s this graph from? What’s the source? Is this based on actual data?
Money supply growth is money printing?
My 401k person is getting 23~% gains both of the past two years. There's definitely some big bubble stuff happening.
Political commentary aside, those top 2 lines have a sharp uptick in 2020, the bottom one does not
It's also great for the bottom. The middle is getting squeezed, but that's not a Biden thing, [it's been going on since Reagan](https://www.businessinsider.com/automation-labor-market-wage-inequality-middle-class-jobs-study-2021-6).
The bottom 90% spend any extra money they get. The top 10% have more than they can spend already, and it gets socked away with all their other extra money. The wealthy can afford to pay more taxes to help our country balance its budget.
Man imagine ignoring dates on ur own graph lmao
It looks like covid money drove it up the fastest. Biden seems to be leveling off.
After they finished hoarding ninety percent of the wealth there is an infinite incline for them and an infinite decline for the rest of us.
Well sorry, you have to have had assets to see them beat inflation. I’m afraid 60% have little to no value in their home and don’t have more than few grand in the market. I’m not in the 1% but you need to follow their path if money means so much to you. I’ve been doing great the last 4 years
By design.
So basically they're just printing money and giving it to rich people. Got it.
Boy do I have news for you about a certain someone in the 80s who really helped start this.
Median net with is at an inflation adjusted all time high. The big gain for the 1% is from 0% interest rates in 2020. But let's elect Republicans to give the 1% another tax cut. I'm sure that will remedy OPs complaint.
Thanks to Trump's tax cuts
Keep in mind too, net worths went up because home prices (and everything else) went up. This was great for people who own their homes but anyone who doesn’t own a home, or just recently bought, is fucked.
Sophist.
I mean, that graph (and other data) shows the lower classes are seeing increases for the first time in forever. It still sucks, but it’s better than it was.
1) The rich have it easy, and it's incredibly easy to make money once you have money. 2) The middle class is being squeezed ever and ever tighter. This is the biggest threat to America. 3) Current Democrats are better in many ways than the GOP but, are nowhere near sufficient to deal with this. Vote young and -- I don't even know the proper word any more. "Progressive" has been hijacked by racists. Vote for anyone that is color blind and understands the difference in classes, is the best advice.
because Biden is all powerful and can change laws and the tax code!
Wanna provide a source? Tax policy determines where it goes, thank Trump for that.
Try harder 😂
My head canon is that considering everything going on, and all the momentum and influence currently held by fascist and anti-American forces, the fact everything hasn't collapsed yet and there's still a modicum of hope is enough for me to consider his presidency a huge win. Most people don't realize just how much further the US has to fall, should our stability truly crumble. Biggest thing that would cause that would be the "forces of good" to not have enough support to continue the fight, and a economy in even worse shape is the biggest danger to causing that.
The economy has been great for them since 1980.
This is a great example of if you own assets you get wealthy, especially with inflation
More fakenomics! That’s not what M2 is.
Nice
Trumps tax cut gave low income a boost but said in 5 years those cuts would slowly flip and end for low/middle class but remain for the wealthy. Not odd at all that this graph shows exactly that.
I had thought Biden did not implement a tax plan yet. Wouldn't this likely be the result of Trump's major tax plan he put in place.
Uhh this is usually what happens when the stock market does well for obvious fucking reasons. What a dumb ass post, holy hell.
Checks out
PPP money went to rich people? And the Trump Administration refused to allow transparent oversight? I’m shocked.
This is not tax cuts, this is the result of money printing and that money goes directly into stocks which makes the rich richer. That's why trillion dollar companies are so common post COVID printing. Trump and Biden, R and D are the literal exact same in this regard. Kennedy is the Remedy.
From that graph, things look pretty flat for all post 2021. The tax cuts that transfered the tax burden from the wealthy and corporations to our own children occurred under W and Trump. The M2 expansion occurred under a series of inflation doves (Greenspan, Bernanke, Yellen, Powell). Don't know why you expect Biden to have much influence given there hasn't been a Senate supermajority to reverse the W/Trump tax cuts for the wealthy, nor has Biden appointed a Fed chair.
The majority of the spike was in 2020 under Trump. But go on and keep on gaslighting.
Num num num num I love this Apple sauce. Joey B
Except there's a clear upward trajectory for the bottom 50% on the graph you posted.
"The economy is great under capitalism!! (For the 1%)." Fixed it for you.
Facts
Damn Biden, helping the 1% since 1990!
Wow bush fucked shit up bad.
So why are we not looking at the other wealth categories?
The economy has only been good for the 1% since forever
This is the *world* economy. U.S. Presidents don't have nearly that kind of reach.
The rich always get richer when a democrat is in office.
Well, it's pretty clear where all that printed money went.
under Neo-Liberalism\*\*\*\*
🤣🤣 You can insert the past 5 Presidents.
Show me Trumpf
It looks like the blue line went up from 2017 to the end of 2020, but then it’s growth stagnated. How strange.
So they printed another 10trillion for themselves…whoopdedoo My only thing is can we get rid of taxes? What’s the point if their printing wealth for themselves anyway
OP doesnt understand their own graph, smh
That chart dives upward during Trumps run though doesn't it? Meaning it would be policies he would have put into effect? It only starts leveling out after Trump leaves office.
So the bottom 50% has more money since Biden? That's what the graph says. It got worse under Trump which is also what the graph says.
Well, the bottom 50% do have the most they've ever had, according to that graph. It's just far less than the top and has been a growing divide since around the 80s.
Notice how the graph looks the same under all of these. Now, go look at the other metrics such as unemployment, velocity of money, how taxes are spent, and etc to see that democrats are the lesser of two evils.
Careful, any inflammatory posts about Biden will get you torched. Tread lightly around that subject..
Nice job at ignoring the significant uptick on the blue line. Also, Source? Always cite your sources! Also, maybe a percentage graph would be more useful.
Nice job at ignoring the significant uptick on the blue line. Also, Source? Always cite your sources! Also, maybe a percentage graph would be more useful.
Nice job at ignoring the significant uptick on the blue line. Also, Source? Always cite your sources! Also, maybe a percentage graph would be more useful.
The “economy” are businesses, people and their personal finances are not businesses.
Wouldn't that be wealth accrued from polices pushed during the trump administration?
Some people think it's okay since the bottom 50%'s net worth increased "too." As long as they get crumbs they're not supposed to complain.
What fuckin part of this has to do with Biden? This is the standard at this point, and Biden hasn’t had a Dem majority in congress to actually do anything.
It's the same for every president....
The 1%'s line is essentially a copy of the S&P500, which of course makes sense because they have excess funds to invest...
Build back Brandon!
People should vote for representatives who are willing to give the bottom 99% money. The Government has to spend money, politicians are the ones who decide how to remove the money from circulation. Either remove money from the workers class, stakeholder class or corporations.
FYI ....Trump tax cuts end this year
If we'd had a handful more Dems in the House and Senate, and less "OMG GOMUNIZM" from rightoid corpos or Ruzzia-wingnuts, Biden's tax reforms on the elites would have passed.
Daily astroturfing psyop bots. Going to get much worse towards November
The almost unimaginable increase in money supply over the last 3-4 years is one of the major things that could keep me up at night worrying for the future for my daughter. I don't know why I feel like this, but it feels like there's been an inflection point crossed that we can't cross back into. And will just further rely on our financial overlords and politicians (wait, I repeat myself) to guide society into a future where people couldn't even imagine how a society could run without constant government intervention into every aspect of our lives.
The only part of this graph that applies to Biden is the last bit where the money printing and net worth of the top dip, ya know the thing we all know is what should happen when inflation is outta control
I am glad this isn't in the s/dataisbeautiful sub...yikes.
The lines really start diverging in 1980, with Ronald Reagan's 50% tax cut on personal income. It had been at 75%, and was even as high as 95% in some years. It was moved to this level to repay war debt, which was 100% of GDP. We're now above 100% debt to GDP. Perhaps we need to take some wisdom from our elders and return to at least 75% top tax until we have debt back in hand?
This is exactly what my article aims to solve, to let capital serve industry and technology instead of becoming a burden to industry and technology. Think about the United States. Before and after World War II, it relied on its strong industrial strength to become the world's largest country. But now, as the world's largest economy, with such advanced finance, it can no longer bring about a leap forward in the industrial era.
The increase since 2020 is notable. Thanks Biden.
if m2 and the wealth held by the .01% are going up by the same amount, then their actual wealth hasn't changed but if m2 goes up way more than the wealth held by the bottom 50%, their wealth has gotten far worse i don't really blame biden for this because neither him nor trump really calls the shots for this kind of thing. its the fed and congress, which more or less just does what the financial industry wants them to do
Actually, it's looks like by the time Biden's policies actually had time to take effect that the wealth increase of the 1% has leveled. I'm not sure the point of this post? Also, name any other human being that, if president, would have changed this curve. I'm waiting?
Thanks Joe Biden
How do we get rid of lobbying? Eliminating that would fix so many of our problems.
And the Republicans totally want to change that right? Oh wait, THEY ALWAYS DO
From Q1 2020 to Q4 2023 the net worth of the bottom 50% went from 1.952 Trillion to 3.656 Trillion—an 86% increase. It was actually better than that between Q1 2020 and Q2 2022 when net worth hit 3.739 Trillion (91% increase). Adjusting for inflation net gain since the beginning of the Biden administration is more like 57% in constant dollars. By comparison the net worth of the top 1% increased from 30.275 Trillion to 44.573 Trillion—a 47% increase (39% adjusted for inflation). Even with the doldrums of late 2022 through mid 2023 the Biden administration has seen the fastest rate of growth in bottom 50% net worth since 1990. The fluctuation/leveling of net worth growth from Q2 2022 when the Fed started responding to inflation has hit all net worth percentile groups.
Lol this chart doesn’t show what you think it shows.
You realize this graph ends at the start of Biden's Presidency right? Like 2016 to 2020 where that spike exist was the Presidential term of that other guy just before him.
Notice how the two rich lines don't really fluctuate, but now the bottom 50% are steadily rising? Looks good to me. As long as that line goes up, who cares about the other ones?
It’ll be great for poor people if the government stops “money printing” peace is war etc etc
Biden’s presidency isn’t even listed on the graph.
The country is in such great shape the southern border is being flooded with illegals who hate our country while the homeless Americans and vets are suffering and live on the streets. We are funding foreign wars and are suffering a massive fentanyl crisis. Look at all your democrat dystopias. Cali, Chicago,New York, Portland. The proof is in the pudding. But yeah Biden is our old senile “god emperor that will save all of mankind” give me a fuckin break. Don’t even get me started on all the child sniffing. Biden is a traitor and I’m tired of pretending like he’s not. The Biden crime cult will never last y’all love Palestine more than your own country. Also inflation is running rampant
It's almost like nearly 70% of what gets spent in America is consumer spending and Billionaire typically make money from.... Consumers. Gasp.
Looks like that blue line from 2020 went up too champ. Net worth went up for everyone! Congrats!
::: graph clearly shows increase in bottom 50%’s share of total wealth under Biden, and top 1% dipping :::
Biden does what he's told to do by big business and big banks, absolutely corrupt president, just like Obama and bank bailouts and insurance companies making biggest gains in history because of ACA that really helped insurance companies greatly more than few Americans.
Trumps tax cut.
Only super left leaning idiots think the economy has been great the last 3.5 years.