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this post was submitted on 16 Mar 2024
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They're bad at business and they're bad at personal management, and now they've lost it all and they're blaming the president for the whole econony.
Rich people had more money when Trump was president, go figure.
This is just wrong.
Source: Federal Reserve
White family wealth gained a bit but remained stagnated under Trump. It shot up exponentially under Biden at the expense of all other races.
S&P500 is already 50% higher than its peak under Trump’s, and that’s just 3 years under Biden. Average housing asset value went up 36% from 2019 to 2022. That’s a huge amount of wealth increase in just 3 years.
Biden’s policies, especially its 5% interest rate hike, have been very specific about making certain demographics richer at the expense of the others.
There is no way that rich people had more money under Trump.
The data does not really support this. All the lines go up from 2019-2022, especially the medians. Even the black and hispanic lines, that increased the least in absolute terms, are at or near their highest point since 1989 and saw some of their largest-ever gains since 2019.
This shows that white people have benefited disproportionally the last few years (as has long been the case, per the chart), but that everyone has benefited some. It does not show white people cannibalizing what everyone else has.
That's still a big problem, but it's more "the money spigot has historically benefited white people first and still did this time around" and less "Biden is taking from everyone else to give to white people."
But the money spigot doesn't come from nowhere - that wealth is generated by labor disproportionately completed by people of those two hyper exploited racial groups.