There's no way like the American way indeed.
A new study funded by the Federal Reserve Board and the Treasury Department shows that America's economic recovery in the aftermath of the most recent great recession has basically decided to skip over 90% of the country's population.
According to the data, the highest-earning families in America, typically white families, have successfully rebounded from the financial crisis of 2008. They are making more money and eating more kale chips and quinoa than ever. Minority families, on the other hard, are actually doing worse than they were before the economic recovery began in 2010. Both their net worth and medium income declined in 2013.
What's most devastating about these results is that they shouldn't shock anyone. "Minority families don't have a lot of wealth to lose in the first place," the National Journal reports. "For decades leading up to the recession, surveys have consistently documented a big gap between assets held by the average white family and the average non-Hispanic white family."
In other words, the rich are getting richer and the poor are getting poorer. No surprises there. I'm going to go stick my head in an oven now.
[via National Journal]