On Real Wealth Accumulation Since 2001
Via Mark Thoma comes a study by Brian K. Bucks, Arthur B. Kennickell, and Kevin B.Moore on the decline in average real household income and the very modest increase in real household wealth. Their study also shows that wealth inequality has increased. As Tom Bozzo notes:
Also, the low official savings rate, which gets pooh-poohed in some corners, does seem to have translated into the more tangible weak results for holdings of relatively liquid financial assets.
Was Tom’s “some corners” a reference to NRO Financial who emphasize the increase in aggregate nominal wealth when they pooh-pooh the low official savings rate? Of course, these FED economists seem to understand the concept of real per capita wealth, which is why they did not publish their findings over at the National Review.