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Wealth from economic “recovery” has gone to the richest Americans

By Nick Barrickman
3 June 2013

A new study from the St. Louis Federal Reserve documents the vast disparity in the fortunes of American families since the financial crisis of 2007-08, with the bulk of the “recovery” in aggregate wealth going to the richest layers of the population.

The report, “After the Fall: Rebuilding Family Balance Sheets, Rebuilding the Economy,” found that “only about 45 percent of the average inflation-adjusted household wealth that was lost since the onset of the downturn in 2007 has been recovered.

To support claims of economic recovery, the Obama administration and the political establishment as a whole have cited the fact that aggregate net worth at the end of last year had almost reached the level it was prior to the crash of 2009. While total net worth was estimated at $67.4 trillion…

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