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Fed surprise: Top 1 percent gained less during the pandemic than lower-income Americans

© iStock Two new Federal Reserve reports lend strong support to the resilience of the economy despite the COVID-19 pandemic and its recession. The first report, on the economic well-being of U.S. households, shows that most people enjoyed continuing well-being in 2020.The executive report of the broader survey is here; this discussion is based on their more focused results. The second report, an update of the distribution of wealth of U.S. households since 1989, shows that wealth rose rapidly in 2020. Some critics will dismiss this achievement, claiming this was only for the rich and white Americans. But the largest percentage gains actually were for Black Americans and those in the bottom 50 percent of wealth distribution.   

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