The "Liberty Street Economics" blog operated by the Federal Reserve Bank of New York has a study, "Racial and Ethnic Wealth Inequality in the Post-Pandemic Era," showing that racial wealth gaps have widened during the Biden administration. The figure with the key finding is here:
From the New York Fed's Liberty Street Economics blog. |
The Fed is supposed to be apolitical so the "during the Biden administration" and "under Biden" framing is my own, not the Fed's, but the results and the time period and the presidential terms are what they are. The blog post says that "disparities have been exacerbated since the pandemic, likely due to rapid growth in the financial assets more often held by white individuals." The disparities were stark to begin with: "At the beginning of 2019, Hispanic and Black individuals constituted 18 percent and 13 percent of the study population, respectively, yet they held just 2.7 percent and 4.9 percent of total net worth of this population. Meanwhile, 69 percent of the population was white and held 92.4 percent of U.S. net worth."