The news this week was good — U.S. national wealth had returned to pre-recession levels.
Or was it?
Pry into the details and it turns out that wealth in housing — which affects most middle class people (the poor have no wealth to speak of, so set them aside for the moment) — remains 20% below 2006 levels. But wealth in financial assets — which affects mainly the top 1% — is 4% higher than 2007 levels.
So five years after the Great Recession, those who were most involved in finance, which started it all, have actually gained from the recession and recovery, while everyone else has lost about 20% of their wealth.
That this outcome arose in a democracy is remarkable. But so it appears is the state of our economy and government that this is still hailed as good news.